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Report No. 63

7.3. Scope and object of the proviso.-

The Supreme Court has observed1, with reference to the words "interest shall be payable in all cases in which it is now payable by law", occurring in the proviso to section 1, that the proviso applies to cases in which the courts of Equity exercised jurisdiction to allow interest.

Object of the proviso.-Explaining the object of the proviso, the Privy Council has said2 that it applies to cases in which the Court of equity exercises jurisdiction to allow interest.

1. Mahabir Prasad v. Durga Dutt, (1961) 3 SCR 639: AIR 1961 SC 990.

2. B.N. Raly Co. v. Patanji Raruji, AIR 1938 PC 65 (67, 79).



Interest Act, 1839 Back




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