https://www.taxtmi.com/caselaws?id=773607 The SC dismissed the civil appeal, affirming the HC's decision. It held that before invoking section 56(2)(vi), a foundational plea that the transaction lacked consideration must be established, which was absent before the Tribunal. The Tribunal correctly applied section 51, which governs forfeiture of earnest money in genuine agreements to sell. Since the transaction was found genuine and not without consideration, section 56(2)(vi) was inapplicable. No interference with the HC order was warranted. en-us Thu, 24 Apr 2025 00:00:00 +0530 Mon, 04 Aug 2025 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773607 The SC dismissed the civil appeal, affirming the HC's decision. It held that before invoking section 56(2)(vi), a foundational plea that the transaction lacked consideration must be established, which was absent before the Tribunal. The Tribunal correctly applied section 51, which governs forfeiture of earnest money in genuine agreements to sell. Since the transaction was found genuine and not without consideration, section 56(2)(vi) was inapplicable. No interference with the HC order was warranted. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773607