short) reads thus:-
"127. CONSIDERATION FOR GUARANTEE. - Anything done, or any promise made, for the benefit of the principal debtor, may be sufficient consideration ... past consideration is also good consideration,
26. In Kali Charan's case, it was contended that the surety bond was without consideration, because
consideration. The original consideration which proceeded from the bank to the 1st defendant cannot from the consideration for the guarantee. Therefore, facts ... surety's giving the guarantee, the guarantee bond executed by M fell for want of consideration. According to the learned judges, though the surety
held "Thus a
past consideration is not a sufficient consideration of a contract of
guarantee". Reference is also made in the award ... accepted. I hold that a past consideration is a
sufficient consideration for the contract of guarantee.
22. The arbitrator has while applying illustration
provided C will guarantee the payment of the price of the goods. C promises to guarantee the payment in consideration of As promise to deliver ... surety for giving the guarantee.
For the validity of a contract of guarantee, it is adequate consideration if anything is done or any promise made
held "Thus a
past consideration is not a sufficient consideration of a contract of
guarantee". Reference is also made in the award ... accepted. I hold that a past consideration is a
sufficient consideration for the contract of guarantee.
22. The arbitrator has while applying illustration
deduction for guarantee fee for the Asstt.Year
2007-08 holding as under:
"Guarantee Fees
During the financial year under consideration the assessee ... Government of Gujarat in
consideration of guarantee issued by it for repayment of unsecured loans.
Thus the assessee has claimed expenses and also
deduction for guarantee fee for the Asstt.Year
2007-08 holding as under:
"Guarantee Fees
During the financial year under consideration the assessee ... Government of Gujarat in
consideration of guarantee issued by it for repayment of unsecured loans.
Thus the assessee has claimed expenses and also
deduction for guarantee fee for the Asstt.Year
2007-08 holding as under:
"Guarantee Fees
During the financial year under consideration the assessee ... Government of Gujarat in
consideration of guarantee issued by it for repayment of unsecured loans.
Thus the assessee has claimed expenses and also
deduction for guarantee fee for the Asstt.Year
2007-08 holding as under:
"Guarantee Fees
During the financial year under consideration the assessee ... Government of Gujarat in
consideration of guarantee issued by it for repayment of unsecured loans.
Thus the assessee has claimed expenses and also
deduction for guarantee fee for the Asstt.Year
2007-08 holding as under:
"Guarantee Fees
During the financial year under consideration the assessee ... Government of Gujarat in
consideration of guarantee issued by it for repayment of unsecured loans.
Thus the assessee has claimed expenses and also
