1936 (2) TMI 23 - HC - Income Tax

Summary

The High Court of Calcutta ruled that a mortgagee must apply payments in accordance with the provisions of the mortgage deed. The presumption is that payments are first attributed to outstanding interest. The Court answered the question in the negative, and the Commissioner of Income Tax was awarded costs. The Court also advised that questions for opinion should be asked one at a time and be based on the specific case facts. Justice Costello agreed with the decision.