https://www.taxtmi.com/caselaws?id=460847 The court decreed in favor of the plaintiff, confirming the advancement of a Rs. 15 lacs loan to the defendants, who failed to substantiate their claim of issuing blank cheques. The court ruled that the plaintiff is entitled to recover the principal amount with interest at 22% per annum. It found no bar under the Punjab Registration of Money Lenders Act or the Income Tax Act, as the plaintiff was not engaged in money lending business and the loan was valid despite not being recorded in tax returns. The suit was decreed against the defendants jointly and severally. en-us Mon, 20 Nov 2006 00:00:00 +0530 Tue, 25 Feb 2025 14:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460847 The court decreed in favor of the plaintiff, confirming the advancement of a Rs. 15 lacs loan to the defendants, who failed to substantiate their claim of issuing blank cheques. The court ruled that the plaintiff is entitled to recover the principal amount with interest at 22% per annum. It found no bar under the Punjab Registration of Money Lenders Act or the Income Tax Act, as the plaintiff was not engaged in money lending business and the loan was valid despite not being recorded in tax returns. The suit was decreed against the defendants jointly and severally. Case-Laws Indian Laws Mon, 20 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460847