https://www.taxtmi.com/caselaws?id=159327 Where earnest money is, in substance, part of the prepaid purchase consideration, Section 55(6)(b) of the Transfer of Property Act creates a statutory charge on the amount payable on failure of the sale and on the interest due on it. The Court treated the payment structure and the parties' intention as decisive, holding that the amount was not a mere deposit but part payment of the purchase price. As the vendors did not complete the sale, the buyer was entitled to refund with interest, and interim protection against alienation of the property was justified. en-us Fri, 19 Dec 2003 00:00:00 +0530 Thu, 19 Jun 2014 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159327 Where earnest money is, in substance, part of the prepaid purchase consideration, Section 55(6)(b) of the Transfer of Property Act creates a statutory charge on the amount payable on failure of the sale and on the interest due on it. The Court treated the payment structure and the parties' intention as decisive, holding that the amount was not a mere deposit but part payment of the purchase price. As the vendors did not complete the sale, the buyer was entitled to refund with interest, and interim protection against alienation of the property was justified. Case-Laws Companies Law Fri, 19 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159327