https://www.taxtmi.com/caselaws?id=416635 The court dismissed the appeal and confirmed the trial court's acquittal of the respondent under Section 138 of the Negotiable Instruments Act. It held that the interest computation method, involving monthly compounding, rendered the debt not legally enforceable. The court found that the interest calculation constituted compounding, exceeding the authorized rates, and therefore, the amount specified in the cheque did not qualify as a legally enforceable debt. en-us Mon, 13 Dec 2021 00:00:00 +0530 Tue, 04 Jan 2022 07:22:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416635 The court dismissed the appeal and confirmed the trial court's acquittal of the respondent under Section 138 of the Negotiable Instruments Act. It held that the interest computation method, involving monthly compounding, rendered the debt not legally enforceable. The court found that the interest calculation constituted compounding, exceeding the authorized rates, and therefore, the amount specified in the cheque did not qualify as a legally enforceable debt. Case-Laws Indian Laws Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416635