Court : Supreme Court of India
Reported in : II(1994)BC613(SC); [1994]81CompCas842(SC); JT1994(7)SC87; 1994(3)SCALE46; (1994)5SCC213; [1994]Supp1SCR170
..... interest due from him under the earlier advance which included compound interest and penal interest. ..... the calculation of interest due on the overdraft facility at the specified rate with quarterly rest perfectly justified as the relationship of banker and customer subsisted till the date of the execution of the ..... 26, 1973, he executed in irrevocable power of attorney authorising the bank manager to supervise and/or to put up construction according to the sanctioned plan to induct tenants and recover rents from them in repayment of the loan and interest due to the bank. ..... by including the interest due on rs. ..... it has, therefore, been emphasised by the reserve bank that interest should be charged once a year to coincide with point of time when the farmer is fluid and interest on current dues should not be compounded although it may be done when the advance/installment ..... of the case show that the suit filed by the bank for recovery of money due under an equitable mortgage and promissory note was contested mainly on the ground that the bank's claim to interest at the rate of 13% per annum with quarterly rests was unsustainable. ..... while providing that banks can charge interest on loan accounts at quarterly or longer rests stipulates that in respect of agricultural advances bank should not compound the interest in case of current dues unless term loans have become overdue. ..... this circular the reserve bank reiterates that interest on current dues in respect of agricultural advances should not .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2003SC3942; (2003)179CTR(SC)362; (2003)2MLJ65(SC); (2003)3SCC57; [2002]SUPP5SCR387
..... (5) x x x x x(6) every order passed under sub-section (4) shall provide for the terms of settlement including any demand by way of tax, penalty or interest] the manner in which any sum due under the settlement shall be paid and all other matters to make the settlement effective and shall also provide that the settlement shall be void if it is subsequently found by the settlement commission that it has been ..... as has been settled by five judges bench in the case of anjum ghaswala (supra), the settlement commission has no power to waive interest on the tax determined and found due while considering the case under chapter xix a in various statutory eventualities as delineated in the impugned orders of the special bench of the settlement ..... all the aforesaid changes incorporated in section 234a to section 234b clearly indicate that interest payable on the tax due, has to be determined by the commission after settlement of case and the starting point for charging interest would be the due date under theregular assessment proceedings and end point the date of order of the settlement ..... if on quantum of income and tax earlier disclosed in regular assessment proceedings, interest had been charged on tax due, till payment no further interest will be payable for the said period on the total quantum of tax determined bythe settlement commission and necessary adjustments would be ..... interest due under the mandatory provisions like sections 234a, 234b and 234c has to be included in the settlement .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [2003]259ITR449(SC)
..... the order of the settlement commission which will exercise all powers conferred on the income-tax authority under the income tax act.the second question is what would be the extent of liability towards payment of interest on the tax as determined and found due in a case settled by the settlement commission in various situations contemplated in the income tax act like non-payment of tax or delayed payment of tax in the course of regular assessment.55 ..... .(6) every order passed under sub-section (4) shall provide for the terms of settlement including any demand by way of tax, penalty or interest the manner in which any sum due under the settlement shall be paid and all other matters to make the settlement effective and shall also provide that the settlement shall be void if it is subsequently found by the settlement commission that it ..... . all the aforesaid changes incorporated in section 234a to section 234b clearly indicate that interest payable on the tax due, has to be determined by the commission after settlement of the case and the starting point for charging interest would be the due date under the regular assessment proceedings and the end point the date of the order of the ..... . if on the quantum of income and tax earlier disclosed in regular assessment proceedings, interest had been charged on tax due, till payment no further interest will be payable for the said period on the total quantum of tax determined by the settlement commission and necessary adjustments would .....
Tag this Judgment!Court : Delhi
Reported in : (1976)5CTR(Del)57
..... it was further noticed in the said notice that when the two deposits were (finally) renewed four post dated monthly cheques with regard to the interest due on the said deposit at the agreed rate of 12% interest were issued, making a total of rs. ..... the petitioning company had already mentioned that two amounts were due to it; it had also made a demand for the entire amounts due to it explaining how the four posted cheque issued towards interest were dishonoured, how the petitioning company was not even paid the interest accruing on them and making a demand for payment on the said two amounts with interest coupled with a further statement that if they were not so paid within 21 days of the ..... 1,73,000/- (in respect of both) as well as interest due thereon at the rate of 1/- per annum together with future interest from 5-5-1972 are due. ..... amendment which has been sought, it will be seen that the crux of the matter is shortly this : the petitioning creditor had, both in the notice of demand as well as in the winding up petition mentioned only the amounts due to the petitioning creditor at an intermediate stage and not what it was to start with, the petitioning company is only seeking to make it clear that the sums of rs. ..... since the respondent company did not pay the agreed interest at 1% per month on 1-8-1969 the respondent company issued a renewed fdr bearing no. ..... 1,73,600/-interest was due at the agreed rate of 1% per month all the fixed deposits were to carry interest at that rate.5. .....
Tag this Judgment!Court : Delhi
Reported in : 43(1991)DLT636
..... 401 (33) as regards the interest due from 1.7.90 till the date ..... the petitioner had deliberately delayed and defaulted in 391 its obligation to make the entire payment of the auction price and the interest, contrary to the terms of the auction, the agreement dated 1' 8 1987 and extension oft'me granted by the court through ..... and purposes, legal possession of the said plot shall remain with the authority until full bid amount along with interest payable thereon for the delayed payment has been made by the auction purchaser to the authority. ..... 11.8.1987 consolidated the entire amount then due on principal and interest and on that basis fixed the installments ..... terms of the auction purchase and the agreement dated 11.81987 it is patently clear that the sanctioning of the plan comes only after the entire payment of the outstanding dues together with the interest has been made by the petitioner. ..... of the contractual duty of the sanction of plan and issue of no-objection certificate for construction has been done through the interim orders of the court while the question of payment of the outstanding dues and the effect of the breach of the agreement has been left unanswered in the said interim orders. ..... has charged interest in terms of the agreement and according to the bank practice and the amount outstanding towards principal as well as interest as on 1st july, 1990, is rs 8,l2,68,798.00 after giving due credit to the amounts paid by ..... due from the petitioner towards principal and interest. .....
Tag this Judgment!Court : Delhi
Reported in : 64(1996)DLT603
..... upon the adjustment of an account of the principal and interest due on a pre-existing bond, a deed of agreement was entered into by the parties in which, besides the original sum, a further sum for interest accrued thereon was declared due and agreed to be paid off by installments before ..... on appeal from bengal, in 8 beng lr 110, and their lordships re-affirmed the proposition that where payment was made upon a bond, the amount paid being less than the interest due, the payment ought to go to reduce the amount of interest due, and the creditor in a suit upon the bond was entitled to a decree for the principal and balance of the interest up to the date of the decree. ..... the courts to appropriate payments made upon a bond first to the interest due thereon, and thereafter, if any balance remains to the principal. ..... interest, and as to appropriation they expressed the opinion that all payments made were to be applied in the first instance to satisfy such interest, the excess of the payments only being appropriated towards the liquidation of the principal sum due they observed that 'the ordinary course in such cases' was that the payment should be applied in the fist instance to interest and to the principal only so far as those payments exceed the interest due ..... aforesaid consistent view, we hold that the various payments received by the society have to be applied in the first instance towards interest and the balance, only so far as those payments exceed the interest due to the principal. .....
Tag this Judgment!Court : Kerala
Reported in : AIR1963Ker128; [1963]33CompCas144(Ker)
..... bank may combine accounts at any time without notice, adjusting the deposit against the loan, but that the deposit receipt has been duly discharged and delivered to the bank to be held as security, that interest accrued on the deposit is to be credited towards the loan, or withheld till the loan is repaid, and that on maturity the proceeds of the deposit receipt are to be credited to the loan account, unless -- and ..... in writing that the handing over is by way of security for the loan taken by the depositor; and, all that they make out, is an authority conferred on the bank, by way of security, to realise the money due on the deposit when it becomes payable.it seems to me significant that according to both letters what is to bs held as security against the loan is not the deposit itself -- in which case perhaps an intention to transfer the deposit ..... or on previous demand by the bank, i fail to repay the outstanding balance of the above demand loan account plus interest due, kindly close my demand loan account by debiting the amount due to the bank to my savings bank account.yours faithfully,sd/- p. ..... security for the loans only in the wide sense of the word, 'security' as including any form of assurance; and, notwithstanding that the deposits were given as security in this sense, money was due from the bank to the depositors in respect of the deposits whether or not the loans taken from the bank had been repaid, and the liquidator was therefore bound to set off the deposits against .....
Tag this Judgment!Court : Kerala
Reported in : [1979]117ITR894(Ker)
..... at page 189 of the report as follows :'the contention of the appellant may be summarily stated to be that the award under the act cannot be held to be interest in the true sense of that word because it is not interest but damages, that is, damages for the detention of a sum of money due by the respondent to the appellant, and hence the deduction made as being required under rule 21 is not justified because the money was not ..... is whether this reference to 'refund' takes in the interest due on the refund as fixed by the department. ..... from this it is clear that really the interest that is due on the refund is in the nature of a compensation which might represent the profit which the assessee could have made if he had had the use of money or which might represent the loss which ..... in either case the money was due to him and was not paid or, in other words, was withheld from him by the debtor after the time when payment should have been made, in breach of his legal rights, and interest was a compensation, whether the compensation was liquidated under an agreement or statute, as for instance under section 57 of the bills of exchange act, 1882, or was unliquidated and claimable under the act ..... the tribunal that by clause 4 of the partnership deed the firm became liable for payment of income-tax or sales tax and also had a right in respect of the refunds due from the deceased but the clause refersonly to the refunds taken and it has no relevance as far as the interest payable on the refund. .....
Tag this Judgment!Court : Kerala
Reported in : [1979]49CompCas296(Ker)
..... that as already agreed upon i/we have on 15-1-53 delivered by way of deposit at masulipatam the following documents of title to immovable property with intent to secure the repayment to the bank of moneys that are now due or shall from time to time or at any time be due from me/us either solely or jointly with any other person or persons to the bank whether on balance of account or by discount or otherwise in respect of bills of exchange, promissory notes, cheques and other negotiable ..... that the wording in exhibit a-5 in the present suit is more or less similar to the wording in the letter in bhairab chandra's case [1920] 57 ic 686 (cal), quoted above and taking due note of the circumstances in the case, the learned district judge held that in this case also it is exhibit a-5 by which the deeds are made security for the loan in which event it must ..... 1,200 and the interest due thereon of the within note of hand, i hereby deposit with shamloll khettry, as a collateral security by way of equitable ..... balance principal and interest due on a promissory note ..... our properties at samastipur with intent to create an equitable mortgage on the said properties to secure all moneys including interest that may be found due and payable by us to you on account of the said transactions...... ..... by the courts below that the plaintiff is liable ito credit the dividends as far as the defendants are concerned in the liability due from them and that the company cannot claim 12% interest, cannot be sustained. .....
Tag this Judgment!Court : Kerala
Reported in : (2005)196CTR(Ker)399; [2005]277ITR511(Ker); 2004(3)KLT998
..... from the said provision it is clear that persons who have filed the declaration within the time provided under the scheme have got the facility of paying the tax due thereon along with simple interest at the rate of 2 per cent for every month of part of a month comprised in the period beginning from the date of filing the declaration and ending on the date of payment of tax within three months from the ..... the counsel pointed out that section 67(l) of the scheme provided for payment of tax due as per declaration filed within three months from the date of filing the declaration together with interest due thereon from the date of filing of the declaration till payment before the expiry of three months from the date of declaration. ..... the petitioner, according to him, had paid the entire interest due on the tax along with the tax within the time stipulated under section 67(l) of the scheme and that it is only on account of a mistake occurred as pointed out earlier that there was a deficit of a small amount of rs. ..... however, he had paid the tax together with interest due thereon for the period from the date of declaration till the date of payment on 30th march, 1998. ..... the counsel, however, submits that even if there is some delay in payment of the interest on the tax due as per the declaration within the time specified in sub-section(1) of section 67 of the scheme, such delay or non-payment of interest on the tax due cannot have the effect of nullifying the declaration. .....
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