Law: House Building Finance Corporation Act, 1952

Section: 24(3)

House Building Finance Corporation Act, 1952-- ----S. 24(3)--House Building Finance Corporation Regulations, 1979, Regul. 14--Loan of H.B.F.C.--Anticipated average appreciation in value of house--Demand of anticipated appreciation--Agreement/ contract against statute is not permissible under law--Financial facilities for construction/reconstruction/repair and purchase of house on basis of interest--Conditions for investments--Question of--Determination--Question of claiming rent as well as anticipated appreciation in value of house came under consideration of F.S.C. which has declared unilateral assessment against injunctions of Islam--FSC had been declared provisions of HBFC Act, 1952 are against injunctions of Islam in respect of recovery of interest and directed respondent to bring same in conformity with injunctions of Islam. Interpretation of Statute-- ----If a mandatory provision of statute is ignored, same tantamount to transgress express provision of law and is also against spirit of legislation. Agreement-- ----No agreement/contract can be executed against statute, even if such agreement is willingly entered into by parties. House Building Finance Corporation Act, 1952-- ----S. 24(13)--Charging of capital gain--Sale-Inception of agreement--It is settled law that when law does not permit to achieve a thing directly same could not be allowed to be achieved indirectly. House Building Finance Corporation Act, 1952-- ----S. 24(13)--House Building Finance Corporation Regulations, 1979, Regl. 14(5), 16, 18 & 37--Loan of H.B.F.C.--Inception of agreement--Conditions for investment--Unilateral imposition charging of anticipated average appreciation in value of house--Judgment of single judge in chamber is not sustainable--Validity--Neither any provision in HBFC Act, 1952 nor any direct regulations are available in respect of anticipated average appreciation in value of house and nor statute has prescribed any authority to corporation to recover such dues from appellant in its own whims and caprice, thus impugned unilaterally assessed recoverable amount from appellant in respect of anticipated appreciation in value is against law--Moreover, anticipated…

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