https://www.taxtmi.com/caselaws?id=310934 The court determined that the stipulation for interest in the mortgage bond constituted a penalty under Section 74 of the Contract Act due to its exorbitant rate. The bond was executed for the proper price of the paddy lent, and the interest rate charged by the plaintiff was deemed extortionate. The court upheld the District Judge's decision to reduce the interest rate to 25 percent per annum and dismissed the appeal with costs. en-us Wed, 08 Jul 1931 00:00:00 +0530 Mon, 27 Nov 2023 16:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310934 The court determined that the stipulation for interest in the mortgage bond constituted a penalty under Section 74 of the Contract Act due to its exorbitant rate. The bond was executed for the proper price of the paddy lent, and the interest rate charged by the plaintiff was deemed extortionate. The court upheld the District Judge's decision to reduce the interest rate to 25 percent per annum and dismissed the appeal with costs. Case-Laws Indian Laws Wed, 08 Jul 1931 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310934