https://www.taxtmi.com/caselaws?id=199973 The Court may reopen a loan transaction under the Usurious Loans Act on its own motion where the interest charged appears excessive, even if the defence does not raise the plea. The Money-lenders Act does not apply unless the lender is shown to be carrying on money-lending as a regular business; an isolated lending transaction is insufficient. A reduction-of-interest statute cannot be enforced after its repeal, because the earlier prohibition on recovery no longer continues once the restriction is withdrawn. The decree was adjusted by applying the Court's interest basis, crediting admitted repayment, and apportioning costs accordingly. en-us Wed, 20 Nov 1940 00:00:00 +0530 Fri, 16 Mar 2018 11:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199973 The Court may reopen a loan transaction under the Usurious Loans Act on its own motion where the interest charged appears excessive, even if the defence does not raise the plea. The Money-lenders Act does not apply unless the lender is shown to be carrying on money-lending as a regular business; an isolated lending transaction is insufficient. A reduction-of-interest statute cannot be enforced after its repeal, because the earlier prohibition on recovery no longer continues once the restriction is withdrawn. The decree was adjusted by applying the Court's interest basis, crediting admitted repayment, and apportioning costs accordingly. Case-Laws Indian Laws Wed, 20 Nov 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199973