https://www.taxtmi.com/caselaws?id=98911 The court upheld the forfeiture of the earnest money deposited by the petitioner for failing to complete the purchase of a staple yarn factory in liquidation. Emphasizing the distinction between earnest money and a deposit by way of advance, the court ruled that the forfeiture was justified as per legal principles and precedents. The court dismissed the petitioner's claim for a refund, stating that the deposited amount was not refundable due to the petitioner's default in completing the contract. The petition was consequently dismissed, with costs awarded to the respondent. en-us Wed, 15 Dec 1971 00:00:00 +0530 Tue, 24 Jan 2012 15:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98911 The court upheld the forfeiture of the earnest money deposited by the petitioner for failing to complete the purchase of a staple yarn factory in liquidation. Emphasizing the distinction between earnest money and a deposit by way of advance, the court ruled that the forfeiture was justified as per legal principles and precedents. The court dismissed the petitioner's claim for a refund, stating that the deposited amount was not refundable due to the petitioner's default in completing the contract. The petition was consequently dismissed, with costs awarded to the respondent. Case-Laws Companies Law Wed, 15 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98911