https://www.taxtmi.com/caselaws?id=194476 A finance company advancing funds under a hire purchase arrangement to a trader for transport business was treated as dealing in a business transaction, not as carrying on money-lending under the Bombay Money Lenders Act, 1946. The statutory definition of "loan" excludes a loan to a trader except for the limited purposes of Sections 23 and 25, which concern recoverable interest and notified interest rates and do not by themselves create criminal liability on these facts. Allegations based on wrong entries in bonds, molestation, and penalties were also found inapplicable because the complaint arose from a contractual hire purchase arrangement and repossession under the agreement. The criminal process was therefore unsustainable and liable to be quashed. en-us Mon, 20 Feb 2006 00:00:00 +0530 Sat, 09 Sep 2017 13:32:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194476 A finance company advancing funds under a hire purchase arrangement to a trader for transport business was treated as dealing in a business transaction, not as carrying on money-lending under the Bombay Money Lenders Act, 1946. The statutory definition of "loan" excludes a loan to a trader except for the limited purposes of Sections 23 and 25, which concern recoverable interest and notified interest rates and do not by themselves create criminal liability on these facts. Allegations based on wrong entries in bonds, molestation, and penalties were also found inapplicable because the complaint arose from a contractual hire purchase arrangement and repossession under the agreement. The criminal process was therefore unsustainable and liable to be quashed. Case-Laws Indian Laws Mon, 20 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194476