https://www.taxtmi.com/caselaws?id=128100 The statutory interest regime for delayed payments to small-scale industrial undertakings was held to apply only prospectively from 23-9-1992, so it could not govern a suit based on a transaction and cause of action that arose earlier. In that situation, the claim for compound interest under the Act failed, and interest had to be assessed under Section 34 of the Code of Civil Procedure, 1908 as reasonable interest on the principal sum adjudged. Applying that standard, the higher rate with monthly rests was found unjustified and the interest award was reduced to 9% pendente lite and future interest. en-us Wed, 18 Feb 2009 00:00:00 +0530 Mon, 19 May 2014 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128100 The statutory interest regime for delayed payments to small-scale industrial undertakings was held to apply only prospectively from 23-9-1992, so it could not govern a suit based on a transaction and cause of action that arose earlier. In that situation, the claim for compound interest under the Act failed, and interest had to be assessed under Section 34 of the Code of Civil Procedure, 1908 as reasonable interest on the principal sum adjudged. Applying that standard, the higher rate with monthly rests was found unjustified and the interest award was reduced to 9% pendente lite and future interest. Case-Laws Indian Laws Wed, 18 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128100