Question
If rights and beneficial interest in a property is
transferred but documentation and legal formalities are pending then seller & purchaser should record in their accounts as sale & purchase. Which principle is applied hereSolution
The principle of "substance over form" emphasizes that the economic reality of a transaction should be considered more important than its legal or accounting treatment. In the scenario described, where rights and beneficial interest have been transferred even though documentation and legal formalities are pending, recognizing the transaction as a sale and purchase reflects the substance of the transaction, as opposed to just the legal form.
In the case of Ram Chandra Vs. Man Singh 1968 , the Supreme Court has held that a decree passed against a minor without appointment of a guardian is- <...
Competency to contract relates toÂ
The executing court shall certify execution of decree to:
Precept is defined under which section of CPC?
Dr. M enters into a written contract with Mr. N to provide full-time medical care and nursing assistance to N's elderly mother, Mrs. O, who suffers from...
When an immovable property has been sold in execution of a decree and sale has become absolute, property shall be deemed to have vested in the purchaser...
According to Section 54 of the Transfer of Property Act, when is registration compulsory for the sale of immovable property?Â
The Central Government can give directions to LIC in matters involving:Â
According to the Contract Act who can become an Agent?
“No person shall be compelled to be a witness against himself” is a ?
