Coromandel Indag Products(P) Ltd vs Garuda Chit & Trading Co. P. Ltd & Anr

The Supreme Court held that the Agreement for Sale executed between the appellant and respondent-Company was contingent upon the production of necessary documents, including the Income Tax Clearance Certificate as mandated by Section 230-A of the Income Tax Act, 1961. The Court found that the respondents failed to fulfill their obligations under the agreement, leading to the appellant's right to rescind the contract. Consequently, the appeal was allowed, reversing the High Court's decision and upholding the appellant's claim for recovery of the advance payment made.