https://www.taxtmi.com/caselaws?id=457841 Money mistakenly credited to a current account and retained after demand was treated as recoverable under Section 72 of the Indian Contract Act, 1872 on restitutionary principles. Interest was held awardable on equitable grounds even though the Interest Act, 1978 did not exhaust the field, and Section 4(1) was read as preserving interest payable under other rules of law. Because the defendant used the bank's funds in a commercial setting for a prolonged period, compensation for loss of use of money was allowed at the proved overdraft rates, with quarterly rests, and both pre-suit, pendente lite, and future interest were awarded. en-us Tue, 31 Aug 1999 00:00:00 +0530 Sat, 28 Sep 2024 10:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457841 Money mistakenly credited to a current account and retained after demand was treated as recoverable under Section 72 of the Indian Contract Act, 1872 on restitutionary principles. Interest was held awardable on equitable grounds even though the Interest Act, 1978 did not exhaust the field, and Section 4(1) was read as preserving interest payable under other rules of law. Because the defendant used the bank's funds in a commercial setting for a prolonged period, compensation for loss of use of money was allowed at the proved overdraft rates, with quarterly rests, and both pre-suit, pendente lite, and future interest were awarded. Case-Laws Indian Laws Tue, 31 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457841