Section 3 of The Interest Act, 1978 : Section 3: Power Of Court To Allow Interest
The Interest Act, 1978
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Explanation using Example
Imagine that Mr. Sharma lent Rs. 50,000 to Mr. Gupta on January 1, 2020, according to a written agreement which stated that the amount was to be repaid by January 1, 2021. Mr. Gupta failed to repay the debt on the due date, and Mr. Sharma sent a written notice on February 1, 2021, informing Mr. Gupta that he would be claiming interest on the overdue debt starting from the d...
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