Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
SC held that the Rs. 20,00,000/- advance money was essentially earnest money serving as a guarantee for contract performance. The forfeiture clause was fair and equitable, imposing reciprocal obligations on both parties. Since the purchaser breached the contract by failing to pay the balance sale consideration within four months, the vendors were justified in forfeiting the entire advance amount. The court emphasized that the forfeiture was legitimate as the financial losses incurred by the vendors exceeded the forfeited sum. No amendment seeking refund was sought at trial or appellate stages, rendering such relief unavailable. The appeal was consequently dismissed, upholding the vendors' right to forfeit the advance money.
SC held that the Rs. 20,00,000/- advance money was essentially earnest money serving as a guarantee for contract performance. The forfeiture clause was fair and equitable, imposing reciprocal obligations on both parties. Since the purchaser breached the contract by failing to pay the balance sale consideration within four months, the vendors were justified in forfeiting the entire advance amount. The court emphasized that the forfeiture was legitimate as the financial losses incurred by the vendors exceeded the forfeited sum. No amendment seeking refund was sought at trial or appellate stages, rendering such relief unavailable. The appeal was consequently dismissed, upholding the vendors' right to forfeit the advance money.
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