https://www.taxtmi.com/caselaws?id=276790 Section 10(2)(iii) of Madras Act IV of 1938 was interpreted broadly: "liability" covered the borrower's full contractual liability under the bond, not merely the initial interest rate before default. On the accounts, the amount repayable over principal was treated in substance as interest, and that excess worked out to slightly more than 9 per cent per annum. As a result, the borrower was held not to fall within Section 10(2)(iii), though relief under Sections 8 and 23 could still be considered if agriculturist status was established. The court therefore looked to the real substance of the transaction and the entire contractual burden, not its form. en-us Wed, 14 Aug 1940 00:00:00 +0530 Wed, 31 Jul 2019 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276790 Section 10(2)(iii) of Madras Act IV of 1938 was interpreted broadly: "liability" covered the borrower's full contractual liability under the bond, not merely the initial interest rate before default. On the accounts, the amount repayable over principal was treated in substance as interest, and that excess worked out to slightly more than 9 per cent per annum. As a result, the borrower was held not to fall within Section 10(2)(iii), though relief under Sections 8 and 23 could still be considered if agriculturist status was established. The court therefore looked to the real substance of the transaction and the entire contractual burden, not its form. Case-Laws Indian Laws Wed, 14 Aug 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276790