https://www.taxtmi.com/caselaws?id=208790 The Court dismissed the appeal, holding the appellant liable to refund the amount received under the Agreement to Sell due to breach of contract. The judgment emphasized the necessity of proving loss for forfeiture of amounts under contractual agreements. The appellant's failure to obtain an income tax clearance certificate constituted a breach, hindering the agreement's execution. The Court invoked Section 74 of the Indian Contract Act to determine reasonable compensation, ultimately finding the forfeiture of earnest money sufficient in the absence of proven loss. The appeal lacked merit, and each party was ordered to bear their own costs. en-us Fri, 13 Jan 2012 00:00:00 +0530 Sat, 28 Jan 2012 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208790 The Court dismissed the appeal, holding the appellant liable to refund the amount received under the Agreement to Sell due to breach of contract. The judgment emphasized the necessity of proving loss for forfeiture of amounts under contractual agreements. The appellant's failure to obtain an income tax clearance certificate constituted a breach, hindering the agreement's execution. The Court invoked Section 74 of the Indian Contract Act to determine reasonable compensation, ultimately finding the forfeiture of earnest money sufficient in the absence of proven loss. The appeal lacked merit, and each party was ordered to bear their own costs. Case-Laws Indian Laws Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208790