https://www.taxtmi.com/acts?id=7183 A contractual sum named for breach or any stipulation by way of penalty entitles the aggrieved party to reasonable compensation not exceeding the amount so named or the penalty stipulated, whether or not actual loss is proved; increased interest from date of default can constitute a penalty. Exception: bonds, recognizances or instruments for public duties or interests render the obligor liable for the whole sum on breach. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=7183 A contractual sum named for breach or any stipulation by way of penalty entitles the aggrieved party to reasonable compensation not exceeding the amount so named or the penalty stipulated, whether or not actual loss is proved; increased interest from date of default can constitute a penalty. Exception: bonds, recognizances or instruments for public duties or interests render the obligor liable for the whole sum on breach. Act-Rules Indian Laws Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=7183