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TMI Blog2022 (9) TMI 1378X X X X Extracts X X X X X X X X Extracts X X X X ..... d the outstanding balance as of 1st April, 2019. The entries therein are supported by the Ledger Account (Exhibit-P1/8) maintained by the plaintiff. Institution of the suit on 29th March, 2022 thus appears to be within the statutory period of limitation. To conclude, the documents on record namely the Tax Deduction Certificate (TDS), the audited balance-sheet, balance confirmation letter, if read cumulatively, lead to a legitimate inference that the plaintiff has succeeded in establishing that the plaintiff had advanced the amount to the defendant and the latter had agreed to pay interest at the rate of 12% p.a. thereon. After repayment of a part of principal sum i.e. Rs.50,00,000/-, and the payment of interest, as evidenced by the TDS C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .a. and deducted tax at source (TDS) from the interest component paid to the plaintiff. TDS was duly reflected in Form No.26-AS while submitting returns to the Income Tax Authorities. The defendant has repaid a sum of Rs.50,00,000/- on 10th May, 2013. (c) The plaintiff thus avers that a sum of Rs.2,35,00,000/- remained outstanding towards the principal amount. The defendant has acknowledged the liability to pay the said amount and the interest accrued thereon in the audited balance-sheet and Income Tax Returns. The defendants have also executed balance confirmation letters and acknowledged the liability to pay the said amount along with accrued interest thereon as of 31st March, 2019 to the tune of Rs.2,47,69,000/-. (d) As the defenda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntained in Order XXXVII of the Code and the justifiability of the claim of the plaintiff. 6. The plaintiff has tendered an affidavit of Mr. Chandrashekhar N. Trivedi (PW-1) and an additional affidavit of the said witness. The plaintiff has also tendered compilation of documents in support of the claim. 7. I have heard Mr. Kedia, the learned Counsel for the plaintiff, at some length. I have also perused the averments in the plaint, documents annexed with it, affidavits in support of the claim and the documents tendered in proof thereof. 8. The claim of the plaintiff that it had advanced a sum of Rs.2,85,00,000/- to the defendant, through banking channels, is substantiated by the copies of the statements of accounts of the plaintiff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the reply dated 4th February, 2022, Mr. Kedia, the learned Counsel for the plaintiff banked upon the extract of the TDS Certificate (Exhibit-P1/4) which indicates that the said amount was paid towards interest and the defendant had deducted 10% of the interest component by way of TDS. The entries in Form No.26-AS correspond with the amounts which the defendant claimed to have repaid to the plaintiff. The fact that different sums of money were paid by the defendant to the plaintiff over a period of time, and they were, in turn, shown to have been paid towards interest and tax was also deducted thereon, as shown by the defendant, cumulatively render the claim of the plaintiff that the said amounts were paid towards interest worthy of accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty within the meaning of Section 18 of the Limitation Act. 13. In the case at hand, the balance-sheets for the Financial Year 2015 2016, 2016 2017 and 2017 2018 clearly record the amount due and payable to the plaintiff in the respective financial years. The audited reports appear to have been filed in compliance with the statutory requirement contained in Section 44AB of the Income Tax Act, 1961. It would be contextually relevant to note that in the balance confirmation letter dated 1st April, 2019 (P1/6) the defendant has clearly acknowledged the outstanding balance of Rs.3,04,09,000/- as of 1st April, 2019. The entries therein are supported by the Ledger Account (Exhibit-P1/8) maintained by the plaintiff. Institution of the suit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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