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TMI Blog1994 (8) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... ided the issue in favour of the assessee on the ground that the capital gains were not chargeable as the sale deed was not registered during the year. The objection of the Revenue is that as per the agreement dt. 14th Sept., 1974, the land had actually been transferred to the housing society by handing over the possession and although a sale deed was executed later on 25th July, 1979, its narration indicated that the sale was effective from retrospective date. Thus, while the case of the Revenue is that the transfer of the assets had taken place on 14th Sept., 1974, which is established by a consequent narration in the agreement dt. 25th July, 1979, and by transfer of plots of land by the society to its members subsequently and without any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered. He submitted that in the first instance the fact is that it was only presented for registration on 25th July, 1979, but in fact, it has not been registered till today and the Collector of Stamps had levied a stamp duty of Rs. 1,05,765 and a penalty of Rs. 60,000 on 9th Dec., 1982, which has not been paid so far. He, therefore, argued that being an immovable property, there could not be any transfer of the property unless it was through a registered deed. Secondly, even if an adverse presumption is drawn against the assessee, the transfer could at the most be said to have been made in July, 1979, when the bulk of payment was received and neither it was a fact nor it could be believed that anybody will transfer or hand over the poss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... March, 1946." A similar view was expressed by their Lordships in the case of Alapati Vankataramiah vs. CIT (1965) 57 ITR 185 (SC), another case cited by Shri Ranka, where it was laid down that s. 12B of the IT Act, 1922 could be attracted only when effective conveyance of the capital asset to the transferee was made and that delivery of possession of immovable property could not by itself be treated as equivalant to conveyance of the immovable property. It was further held that the title to the land and buildings and the plant and machinery and electrical fittings permanently embedded thereon could not pass till the conveyance was executed and registered and as in that particular case the sale deed was executed and registered only on 22nd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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