https://www.taxtmi.com/caselaws?id=302083 Under an ordinary banker-customer running account, yearly interest capitalised and carried forward as part of the balance was treated as paid and discharged, so it did not remain outstanding interest for relief under Section 8(1) of the Madras Agriculturists' Relief Act, 1938. The Explanation to Section 8 did not alter that position, because it preserved only principal originally advanced and later principal advances, not interest already discharged by the accounting method. Later debits could still be scaled down as advances under Section 9, and post-30 June 1934 interest remained reducible under the Act. en-us Wed, 26 Aug 1942 00:00:00 +0530 Wed, 04 May 2022 14:55:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302083 Under an ordinary banker-customer running account, yearly interest capitalised and carried forward as part of the balance was treated as paid and discharged, so it did not remain outstanding interest for relief under Section 8(1) of the Madras Agriculturists' Relief Act, 1938. The Explanation to Section 8 did not alter that position, because it preserved only principal originally advanced and later principal advances, not interest already discharged by the accounting method. Later debits could still be scaled down as advances under Section 9, and post-30 June 1934 interest remained reducible under the Act. Case-Laws Indian Laws Wed, 26 Aug 1942 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302083