recorded on 04.01.2014. The
accused stated that although he used to borrow monies from the
complainant, he borrowed small amounts. Further, he admitted his
signatures ... lacs was disbursed under the head „Loans and advances‟. Thus, the
amount borrowed by the respondent has been shown by the appellant. It is
submitted
subsidiary and
also that the taxpayer is not into lending and borrowing money, a
reasonable interest rate of 14% p.a. can be considered ... giving loans in the Indian market. He noted that
lending or borrowing is not one of the main
businesses of the taxpayer. He opined that
Assessment year, the
assessee, inter alia, claimed deduction of interest paid on
borrowed sums from Bank under the provisions of Section ... carry any
interest. According to the Assessing Officer, the
assessee had borrowed the money from the banks and paid
Signature Not Verified
interest thereupon. Deduction
convenience) to
speedily recover the monies due to them from the borrowers, Parliament made
a law called 'The Recovery of Debts due to Banks ... with the claims for the recovery of the monies due from the borrowers to
the CREDITORS. Apart from creating such an exclusive forum
2015 Page 2 of 45
decide on the classification of the borrower as a wilful defaulter. The
Circular also requires the Banks ... advise the borrower about the
proposal to classify him as wilful defaulter along with the reasons therefor;
ii) give the borrower time of fifteen days
loan agreement, the respondent was required to repay the
sum borrowed, in 59 Equated Monthly Instalments (EMIs), amounting to
Rs. 7544/- each. The first ... Bank of
India. On the defendant‟s failure to repay the amount borrowed, an action
RFA 56/2014 Page 6 of 12
for recovery
lease of a part or whole of the business of the borrower and
this Section also begins with a non obstante clause. Chapter III consists ... State Financial Corporations in the matter of enforcement
of its claims against borrowers, through sections such as 29, 30, 31 and
32. Coercive steps including
section, relates to the amount
of interest paid in respect of capital borrowed for the purpose of
business or profession. This is provided in clause ... amount of the interest paid in respect of
capital borrowed for the purposes of the business
or profession:
[Provided that any amount of the interest
finances/money which was/is due to financial Institutions from the
borrowers.
03/ In the fast changing global financial scenario, the recovery of
finances/ money ... lending banks/financial Institutions, from
borrowers in our country would proceed on snails pace, thus,
affecting the financial health of country. In order to meet
installments to
the bank to repay the loan amount borrowed from the bank
itself is not sufficient to come to the conclusion that ... making the regular
payment of installment to the bank wherein he borrowed the
loan. Hence, he submitted that the trial court has rightly
appreciated
