Period Of Not Less Than - Definition - Law Dictionary Home Dictionary Definition period-of-not-less-than

Definition :

Period of not less than, on the plain reading of the proviso to Rule 1(v), Second Schedule to the Act it is clear that in order to claim benefit of the said provision the borrowed money has to be repaid during the period of more than seven years. The only interpretation which can be given to the expression 'during a period of not less than seven years' is that the said period should go beyond seven years. The reasoning is simple. The period of seven years would not complete till the last 'minute' or even the last 'second' of the said period are counted. In other words till the last minute of the seven years period is completed the period remains less than seven years, C.I.T. v. Braithwaite & Co. Ltd., (1993) 2 SCC 262: (1993) 2 SCR 187.