agreement. The agreement provided that the plot
was being purchased by applicant No.1 together with
the building standing thereon for a price of
Rs.6,50,000/- of which an amount of Rs.65,000/- was
the earnest money and the balance amount of
Rs.5,85,000/- was to be paid in instalments. Out
of Rs.5,85,000/- an amount upto Rs.2/- lacs, as per
the demand of the vendor was payable on or before
31.12.1978 so as to enable the vendor Mr. Desai to
purchase a flat of his choice. As regards the
balance amount, it was provided that the vendor was
to deliver vacant and peaceful possession of the
ground floor of the building and the extended
portion and also to produce income tax clearance
certificate under Section 230A of the Income Tax
Act on or before 31.12.1978 and thereupon sale was
to be completed by the purchaser by paying balance
amount of the purchase price remaining due and
payable to the vendor. The purchaser was however,
given an option to complete the conveyance on or
before 31.12.1978. It was agreed that in the event
of non production of the income tax clearance
certificate by the vendor on or before 31.12.1978,
purchaser was bound to pay to the vendor balance of
the purchase price payable to the vendor against
