1943 (10) TMI 18

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cash advance of Rs. 2500. The contract stipulated for nine yearly payments, each of a sum of Rs. 537-8-0. It did not state how this annual instalment was made up. It also stipulated that if any instalment was overdue, it would carry compound interest with annual rests at Re. 1-9-0 per cent. per mensem. The appellants applied to the lower Court under the rules framed under Madras Act 4 of 1938 for ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iod. The fact that it is not described in so many words as interest will not alter its character. Halsbury's Laws of England, Vol. 23, Section 253 defines interest as follows: Interest when considered in relation to money denotes the return or consideration or compensation for the use or retention by one party of a sum of money or other property belonging to another. Undoubtedly the exce....