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1 - 10 of 17 (0.27 seconds)Section 54 in The Transfer Of Property Act, 1882 [Entire Act]
The Limitation Act, 1963
Article 65 in Constitution of India [Constitution]
The Indian Contract Act, 1872
Section 5 in The Transfer Of Property Act, 1882 [Entire Act]
Article 227 in Constitution of India [Constitution]
Commissioner Of Income Tax, Hyderabad vs M/S. Motor And General Stores (P.) Ltd on 2 May, 1967
"6. Section 54 of the Transfer of Property Act, 1882 (in short, the 'Act') is a part of Chapter III dealing with sale of immovable property. 'Sale' is defined as being a transfer of ownership for a price. In a sale there is an absolute transfer of all rights in the property sold. No rights are left in the transferor. The essential elements of a sale are (i) the parties; (ii) the subject-matter; (iii) the transfer or conveyance; and (iv) the price or consideration. The word 'price' is used in its ordinary sense as meaning money only. It is used in the same sense as in Section 77 of the Indian Contract Act, 1872 (in short, the 'Contract Act'). As has been observed by the Supreme Court in Commissioner of Income-tax v. Motor and General Stores (P) Ltd., AIR 1967 SC 200 (sic), though 'price' is not defined in the Act, it is used in the same sense as in the Sale of Goods Act, 1930 (in short, the 'Sale Act'), and means the money consideration for the sale of goods The presence of a money consideration is an essential element in a transaction of sale. Price is the essence of a contract for sale, and unless price is fixed, there is no enforceable contract because if no price is named law does not imply, as in the case of a sale of goods, a contract to buy at a reasonable price. In all sales it is evident that price is an essential ingredient and that where it is neither ascertained nor rendered ascertainable the contract is void for incompleteness, and incapable of enforcement. If the consideration is not money, but some other valuable consideration, it may be an exchange or barter, but not a sale. The payment of price is not necessarily a sine qua non to the completion of the sale. If the intention is that property should pass on registration, the sale is complete as soon as the deed is registered, whether the price has been paid or not, and the purchaser is entitled to sue for possession although he has not paid the price. This is clear from the words of the section, 'price paid or promised or part paid or part promised'. If the price is not paid the seller cannot on that account set aside the conveyance. We can only sue for the price, and he will have a charge on the property for the unpaid purchase-money. This is a non-possessory charge in terms of Section 5(4)(b) of the Act.