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Issues Involved:
1. Nature of the transaction: Loan vs. Sale. 2. Valuation of the property. 3. Possession of the property post-transaction. Detailed Analysis: 1. Nature of the Transaction: Loan vs. Sale The primary issue was whether the transaction effected by the deed of sale dated February 28, 1968, was in substance a loan transaction or an outright sale. The plaintiff contended that the transaction was a secured loan, with the sale deed being an ostensible document and the defendant agreeing to execute a reconveyance agreement. The defendant, however, denied this and claimed the transaction was an outright sale for Rs. 9,000, with no agreement for reconveyance. Both the Trial Court and the High Court examined the surrounding circumstances and evidence, ultimately concluding that the transaction was an outright sale. The courts noted that the plaintiff, a man of considerable property and worldly wisdom, would not have executed and registered the sale deed if it was merely a security for a loan, especially when the defendant failed to execute the reconveyance agreement or even turn up at the registration office. 2. Valuation of the Property The plaintiff argued that the consideration of Rs. 9,000 was too low, indicating that the transaction could not have been a sale. The Trial Court, after considering various instances of sales, concluded that the valuation of the property at Rs. 9,000 was not too low at the time of the transaction. The plaintiff's claim that the property was worth Rs. 50,000 was deemed unreliable, particularly when there was concrete evidence of sale instances, including sales by the plaintiff himself. The High Court did not find any substantial argument regarding the valuation being too low and upheld the Trial Court's conclusion. The evidence provided by Gora Chand Ghosh, an advocate and the plaintiff's nephew, was also dismissed due to his lack of expertise in property valuation and his familial connection to the plaintiff. 3. Possession of the Property Post-Transaction The courts also considered the issue of possession of the property after the execution of the sale deed. Both the Trial Court and the High Court concluded that the defendant had been in possession of the property post-transaction. This conclusion was based on the evidence presented, and the courts found no fault in the manner the evidence was appreciated. Conclusion The Supreme Court dismissed the appeal, agreeing with the concurrent findings of the Trial Court and the High Court. The transaction was deemed an outright sale, the valuation of Rs. 9,000 was justified, and the defendant was found to be in possession of the property post-transaction. The appeal was dismissed with costs.
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