COROMANDEL INDAG PRODUCTS(P) LTD. vs GARUDA CHIT & TRADING CO. P. LTD

The Supreme Court addressed the appeal against the High Court's decision in O.S.A. No. 163 of 1994, concerning a dispute over an Agreement for Sale under the Companies Act, 1956. The Court emphasized the necessity of compliance with Section 230-A of the Income Tax Act, 1961, which mandates obtaining an Income Tax Clearance Certificate before the sale can be finalized. The Court held that the appellant-Company's insistence on the required documents was justified, and the failure of the respondents to provide these documents constituted a breach of contract, leading to the dismissal of the appeal.