https://www.taxtmi.com/caselaws?id=170912 The court held that a prized subscriber in a chitty does not become a debtor upon receiving the prize amount and executing a security bond for future subscriptions. The obligation to pay future subscriptions arises from the original contract, not the execution of the security bond. The court emphasized that the debt only arises when an installment is defaulted, answering the issue in the negative. Regarding the validity of a sale deed by a Hindu father for ancestral property to discharge antecedent debts, the court found that only half of the consideration was proven to be for antecedent debts, emphasizing the need for substantial consideration for such alienations. The case was remitted to determine if the sale deed was supported by family necessity. en-us Wed, 22 Dec 1982 00:00:00 +0530 Tue, 18 Jul 2017 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170912 The court held that a prized subscriber in a chitty does not become a debtor upon receiving the prize amount and executing a security bond for future subscriptions. The obligation to pay future subscriptions arises from the original contract, not the execution of the security bond. The court emphasized that the debt only arises when an installment is defaulted, answering the issue in the negative. Regarding the validity of a sale deed by a Hindu father for ancestral property to discharge antecedent debts, the court found that only half of the consideration was proven to be for antecedent debts, emphasizing the need for substantial consideration for such alienations. The case was remitted to determine if the sale deed was supported by family necessity. Case-Laws Companies Law Wed, 22 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170912