with the Chemical Bank New York Trust Company in December, 1966 for borrowing 23 million dollars to be drawn in convenient instalments and also borrowed ... allowable because the company was still under construction and so the borrowing was only used for capital construction and not for business purposes. The learned
portion of the interest the asses-see has paid on the borrowing for the purpose of business under Clause (iii) of Section ... completed allowing certain amount of interest paid by the assessee on its borrowing for the purpose of business. Later, the Revenue audit pointed out that
liable though it was clear enough that the amount was borrowed for the purpose of the firm.
7. As against this Sri P. N. Venugopal ... given by Anjali Devi in her public examination.
Q. Apart from the borrowings from Rajashree Pictures, did you make independent borrowing for the pictures
November 1947. The assessee represented that he contributed the capital by borrowing from third parties. The Income-tax Officer was satisfied that to the extent ... accept the case of the assessee in respect of a borrowal of Rs. 25,000 from one Vijayaram Ganeshdas of Bikaner. He initiated proceedings under
each from the second respondent/bank, are hereinafter
referred to as "borrowers". As they defaulted in repayment, the second
respondent/bank issued notices ... Security Interest Act, 2002 (for brevity, " SARFAESI Act ") to the
borrowers, calling upon them to discharge the loan within sixty days
Alagappan Manufacturing and Traders" in Sivagangai,
in need of financial assistance, borrowed loan from the Indian Bank, Sivagangai
Branch and also from Indian Bank ... long after the enactment of Crl.P.C., ought
not to have borrowed the provisions from Crl.P.C., as applicability of other
provisions
introduces drastic measures for
the seizure and sale of properties of the borrowers or taking over of the
management or possession of the secured assets ... Securitisation Act states:-
"(2) Where any borrower, who is under a liability to a secured
creditor under a security agreement, makes any default
Krishnan,
(on behalf of Banks & Mr.S.Sethuraman,
Borrowers) Mr.Srinath Sridevan
For Petitioner in
W.P.No.1418/08 ::: Mr.Vijay Narayanan,
Senior ... determination:-
(i)Whether even where no stay is prayed for by the Borrower, during pendency of the proceedings under Section 17 before the Debt Recovery
Sumeet Research and Holdings Private Limited, (hereinafter called the borrower company) sought financial assistance from the writ petitioner/UTI Bank ... dated 28.9.2002. For the total working capital provided and enjoyed by the borrower, the borrower company had created a mortgage by deposit of title deeds
purchased an estate for a sum of Rs. 3,10,000. He borrowed Rs. 2,90,000 at varying rates of interest and he paid ... interest on the safd borrowing and he claimed this amount as a deduction in the agricultural income-tax assessment.
6. The Agrl. ITO disallowed part
