https://www.taxtmi.com/caselaws?id=306798 A loan advanced for construction of a hospital was held not to be a commercial transaction for purposes of future interest under Section 34 CPC. The proviso allowing interest above 6% per annum applies only where liability arises from a commercial transaction connected with industry, trade or business, and those expressions do not cover a profession or professional transaction. In the absence of evidence that the borrowing financed a profit-oriented commercial venture, the loan was treated as a professional loan. The award of future interest at 6% per annum was therefore upheld. en-us Mon, 26 Apr 1993 00:00:00 +0530 Fri, 24 Feb 2023 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306798 A loan advanced for construction of a hospital was held not to be a commercial transaction for purposes of future interest under Section 34 CPC. The proviso allowing interest above 6% per annum applies only where liability arises from a commercial transaction connected with industry, trade or business, and those expressions do not cover a profession or professional transaction. In the absence of evidence that the borrowing financed a profit-oriented commercial venture, the loan was treated as a professional loan. The award of future interest at 6% per annum was therefore upheld. Case-Laws Indian Laws Mon, 26 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306798