Pramod Building & Developers P.Ltd vs Shanta Chopra

The Supreme Court addressed the enforceability of a sale agreement under the Income Tax Act, 1961, specifically Section 269 (UL), which mandates obtaining a No Objection Certificate (NOC) before completing a sale. The Court held that time was of the essence in the contract, and failure to complete the sale within the stipulated time led to the forfeiture of the earnest money. The appeal for specific performance was dismissed as the appellant failed to comply with the terms of the agreement, affirming the lower court's decision.