https://www.taxtmi.com/caselaws?id=282971 The court upheld the trial court's decision, dismissing the civil revision petition. The judge determined that chit fund transactions, classified as banking activities, fell within the saving provision of Act 16 of 1976, protecting debts owed to banking companies regulated under the Banking Regulation Act, 1949. The petitioner's challenge to liability in the chit fund transaction was rejected, emphasizing the need to align legal arguments with statutory provisions governing debts to banking entities. The dismissal was attributed to the petitioner's actions, with no costs awarded. en-us Mon, 02 Mar 1981 00:00:00 +0530 Mon, 02 Sep 2019 11:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282971 The court upheld the trial court's decision, dismissing the civil revision petition. The judge determined that chit fund transactions, classified as banking activities, fell within the saving provision of Act 16 of 1976, protecting debts owed to banking companies regulated under the Banking Regulation Act, 1949. The petitioner's challenge to liability in the chit fund transaction was rejected, emphasizing the need to align legal arguments with statutory provisions governing debts to banking entities. The dismissal was attributed to the petitioner's actions, with no costs awarded. Case-Laws Indian Laws Mon, 02 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282971