https://www.taxtmi.com/caselaws?id=302083 The court ruled in favor of the appellants, recognizing them as agriculturists entitled to relief under the Madras Agriculturists' Relief Act, 1938. The court emphasized the annual capitalization of interest by the bank, determining that it discharged the accrued interest and aligned with the Act's intent to provide relief to agriculturists burdened by debts. The court clarified that interest once capitalized was treated as principal, not subject to scaling down. Liabilities to scheduled banks were exempt under the Act, with distinctions made for interest due but not yet capitalized. Interest debited pre-1st October 1932 was considered paid, while post-debit interest was subject to scaling down 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 The court ruled in favor of the appellants, recognizing them as agriculturists entitled to relief under the Madras Agriculturists' Relief Act, 1938. The court emphasized the annual capitalization of interest by the bank, determining that it discharged the accrued interest and aligned with the Act's intent to provide relief to agriculturists burdened by debts. The court clarified that interest once capitalized was treated as principal, not subject to scaling down. Liabilities to scheduled banks were exempt under the Act, with distinctions made for interest due but not yet capitalized. Interest debited pre-1st October 1932 was considered paid, while post-debit interest was subject to scaling down under the Act. Case-Laws Indian Laws Wed, 26 Aug 1942 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302083