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Bombay High Court Dismisses Appeal by Lenders Against Order Setting Aside Sale of Mortgaged Property Under SARFAESI Act — Held That Sale Was Not Conducted in a Fair and Transparent Manner and That the Borrower Was Not Given Adequate Notice of the Sale.

The case involves an appeal by a consortium of banks and a trustee company (the lenders) against an order of the Debt Recovery Tribunal (DRT) setting ...

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Bombay High Court Dismisses Second Appeal in Suit for Declaration and Injunction — Sale Deeds Held to be Mortgage by Conditional Sale. Transaction of 1977 and 1991 Declared Illegal as They Were Security for Loan, Not Out-and-Out Sale.

The case involves a second appeal filed by the original defendants against the concurrent decrees of the trial court and the first appellate court, wh...

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Bombay High Court Dismisses Second Appeal in Mortgage by Conditional Sale Dispute. Deed termed 'conditional sale' interpreted as mortgage under Section 58(c) of Transfer of Property Act, 1882, entitling plaintiff to redemption.

The case involves a dispute over the interpretation of a deed executed between the parties, termed as 'conditional sale'. The appellant (original defe...

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Bombay High Court Dismisses Appeal, Confirms Decree of Redemption of Mortgage in Favor of Plaintiffs. Transaction Held as Mortgage Despite Document Purporting to be Sale, Based on Inadequate Consideration and Agreement to Reconvey.

The case involves a second appeal filed by the defendant (appellant) against the judgment and decree of the Additional District Judge, Biloli, which c...

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Bombay High Court Allows Assessee's Appeal in Income Tax Case Regarding Deduction of Mortgage Repayment Under Section 48(i). The court held that repayment of mortgage debt is an expenditure incurred in connection with transfer of mortgaged asset, allowable under Section 48(i) of Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of mortgage ...