https://www.taxtmi.com/caselaws?id=128087 The 1993 Act applies prospectively to supply transactions initiated after its commencement, so interest and compound interest cannot be claimed where the supply order was placed before the Act came into force. The relevant transaction is the supply order or contractual initiation, not later supply completion or payment. A plea of novation or alteration under the Indian Contract Act, 1872 requires a factual basis showing substitution or rescission of the original contract; mere variation in quantity or extension of time is insufficient. Unless a fresh contractual foundation is proved, the original pre-commencement arrangement remains outside the Act's operation. en-us Tue, 07 Jul 2009 00:00:00 +0530 Tue, 15 Oct 2013 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128087 The 1993 Act applies prospectively to supply transactions initiated after its commencement, so interest and compound interest cannot be claimed where the supply order was placed before the Act came into force. The relevant transaction is the supply order or contractual initiation, not later supply completion or payment. A plea of novation or alteration under the Indian Contract Act, 1872 requires a factual basis showing substitution or rescission of the original contract; mere variation in quantity or extension of time is insufficient. Unless a fresh contractual foundation is proved, the original pre-commencement arrangement remains outside the Act's operation. Case-Laws Companies Law Tue, 07 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128087