https://www.taxtmi.com/caselaws?id=308454 An advance will not be treated as a "loan" barred by the Bombay Money-Lenders Act, 1946 where the transaction is part of a composite arrangement supported by negotiable instruments such as cheques and bills of exchange. Reading Section 2(9)(f) with Sections 2(17) and 10, the Court treated the instruments and written acknowledgments as integral to the repayment arrangement and held that the fact they were delivered after disbursement did not change the character of the transaction when the parties had agreed to the arrangement together. On that basis, the statutory bar was held inapplicable and the defence was described as belated and not bona fide. en-us Thu, 20 Nov 2014 00:00:00 +0530 Wed, 28 Jun 2023 07:35:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308454 An advance will not be treated as a "loan" barred by the Bombay Money-Lenders Act, 1946 where the transaction is part of a composite arrangement supported by negotiable instruments such as cheques and bills of exchange. Reading Section 2(9)(f) with Sections 2(17) and 10, the Court treated the instruments and written acknowledgments as integral to the repayment arrangement and held that the fact they were delivered after disbursement did not change the character of the transaction when the parties had agreed to the arrangement together. On that basis, the statutory bar was held inapplicable and the defence was described as belated and not bona fide. Case-Laws Indian Laws Thu, 20 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308454