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TMI Blog1943 (10) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... e contract stipulated for nine yearly payments, each of a sum of ₹ 537-8-0. It did not state how this annual instalment was made up. It also stipulated that if any instalment was overdue, it would carry compound interest with annual rests at Re. 1-9-0 per cent. per mensem. The appellants applied to the lower Court under the rules framed under Madras Act 4 of 1938 for a declaration of the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t that it is not described in so many words as interest will not alter its character. Halsbury's Laws of England, Vol. 23, Section 253 defines interest as follows: Interest when considered in relation to money denotes the return or consideration or compensation for the use or retention by one party of a sum of money or other property belonging to another. Undoubtedly the excess over ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is called, or if it is called by no name at all. Applying Act 4 of 1938 to the present contract it is clear that the principal is ₹ 2500. The only payment was an open payment of ₹ 150 made on 23rd July 1931. The whole of the interest as on 1st October 1937 is cancelled and the creditor is entitled to ₹ 2350 with interest at 61/4 per cent. per annum from 1st October 1937. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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