https://www.taxtmi.com/caselaws?id=308475 The court decreed in favor of the plaintiff company for the recovery of the principal amount and interest, totaling Rs. 1,89,07,000/-. The court held that the transaction was a loan, not a gift, as reflected in the defendant's balance sheet. The court dismissed challenges to the authority to file the suit and the limitation period, emphasizing the defendant's admission of liability in its balance sheets. Interest was awarded at 8% per annum from 1st April 2015 until the decree date, and at 15% per annum if not paid within three months. Another similar suit was also decreed in favor of the plaintiff. en-us Thu, 21 Jul 2016 00:00:00 +0530 Thu, 29 Jun 2023 08:28:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308475 The court decreed in favor of the plaintiff company for the recovery of the principal amount and interest, totaling Rs. 1,89,07,000/-. The court held that the transaction was a loan, not a gift, as reflected in the defendant's balance sheet. The court dismissed challenges to the authority to file the suit and the limitation period, emphasizing the defendant's admission of liability in its balance sheets. Interest was awarded at 8% per annum from 1st April 2015 until the decree date, and at 15% per annum if not paid within three months. Another similar suit was also decreed in favor of the plaintiff. Case-Laws Indian Laws Thu, 21 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308475