https://www.taxtmi.com/caselaws?id=274080 A loan clause requiring quarterly interest payments and capitalisation of unpaid interest was treated as compound interest, not a mere accounting arrangement. That stipulation attracted the statutory presumption of excessive interest under the Usurious Loans Act, as amended, and the debtor's status as an agriculturist supported reopening of the transaction despite signed confirmation slips. For the smaller mortgage debt, relief under Act 31 of 1958 remained available because the record did not show disqualification on the agricultural income criteria and the debt was within the statutory limit. The principal appeal therefore failed, while the cross-objection succeeded only to the extent of limited scaling down relief. en-us Wed, 19 Mar 1975 00:00:00 +0530 Fri, 27 Jul 2018 10:42:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274080 A loan clause requiring quarterly interest payments and capitalisation of unpaid interest was treated as compound interest, not a mere accounting arrangement. That stipulation attracted the statutory presumption of excessive interest under the Usurious Loans Act, as amended, and the debtor's status as an agriculturist supported reopening of the transaction despite signed confirmation slips. For the smaller mortgage debt, relief under Act 31 of 1958 remained available because the record did not show disqualification on the agricultural income criteria and the debt was within the statutory limit. The principal appeal therefore failed, while the cross-objection succeeded only to the extent of limited scaling down relief. Case-Laws Indian Laws Wed, 19 Mar 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274080