https://www.taxtmi.com/caselaws?id=109492 Liability under linked chit transactions is determined by the contractual records, payment proof, and the adjustment of cross-claims. For Chit No. 18, the participant's claim of 38 monthly subscriptions was rejected because receipts and records supported only 31 payments, so the balance remained due. For Chit No. 46, the agreement and bye-laws allowed removal of a defaulting member and refund only of the amount actually paid after deducting 5% as damages; the termination notice fixed the reduced entitlement. The amounts under both chits could be adjusted against each other, leaving only the net balance recoverable with interest, and the security remained enforceable if payment was not made. en-us Mon, 17 Nov 2003 00:00:00 +0530 Tue, 10 Apr 2012 14:52:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109492 Liability under linked chit transactions is determined by the contractual records, payment proof, and the adjustment of cross-claims. For Chit No. 18, the participant's claim of 38 monthly subscriptions was rejected because receipts and records supported only 31 payments, so the balance remained due. For Chit No. 46, the agreement and bye-laws allowed removal of a defaulting member and refund only of the amount actually paid after deducting 5% as damages; the termination notice fixed the reduced entitlement. The amounts under both chits could be adjusted against each other, leaving only the net balance recoverable with interest, and the security remained enforceable if payment was not made. Case-Laws Companies Law Mon, 17 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109492