PRAMOD BUILDING & DEVELOPERS P.LTD. vs SHANTA CHOPRA

The Supreme Court addressed the enforceability of an agreement of sale under the Income Tax Act, 1961, specifically Section 269 (UL). The Court held that time was of the essence in the contract, and failure to complete the sale within the stipulated time resulted in the forfeiture of the earnest money. The Court ruled in favor of the respondent, affirming the termination of the agreement due to the appellant's breach for not completing the sale by the deadline.