https://www.taxtmi.com/caselaws?id=193230 A chitty hypothecation bond executed by a prized subscriber as security for future instalments did not amount to a borrowing within section 2(c)(xi) of Act XXXI of 1958. Following the binding Full Bench view that such a transaction contains no element of borrowing, the Court held that the statutory definition did not apply and that section 4(2) relief was available. The further contention concerning the source of the initial borrowing was unnecessary to decide once the transaction was found outside the borrowing clause. en-us Fri, 09 Mar 1962 00:00:00 +0530 Wed, 19 Jul 2017 10:48:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193230 A chitty hypothecation bond executed by a prized subscriber as security for future instalments did not amount to a borrowing within section 2(c)(xi) of Act XXXI of 1958. Following the binding Full Bench view that such a transaction contains no element of borrowing, the Court held that the statutory definition did not apply and that section 4(2) relief was available. The further contention concerning the source of the initial borrowing was unnecessary to decide once the transaction was found outside the borrowing clause. Case-Laws Indian Laws Fri, 09 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193230