TMI Blog2016 (12) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee in the sale deed, and adopted for computing the capital gain, then, the AO would take this value, otherwise, capital gain would be computed on sale consideration disclosed by the assessee in his computation. The ld.AO shall carry out this exercise after providing opportunity of hearing to the assessee. - ITA.No.1626/Ahd/2016 - - - Dated:- 22-9-2016 - SHRI RAJPAL YADAV, JUDICIAL MEMBER For The Assessee : Shri Ashwin C. Shah, AR For The Revenue : Shri Satish Solanki, Sr.DR ORDER Assessee is in appeal before the Tribunal against the order of the ld.CIT(A)-3, Ahmedabad dated 11.5.2016 passed for the Asstt.Year 2011-12. 2. Assessee has taken substantial three grounds of appeal. Out of which ground no.1 relates to challenge to reopening of the assessment, and in ground no.2, the assessee has challenged confirmation of addition of ₹ 31.00 lakhs, which was made by the AO with aid of section 50C of the Income Tax Act, 1961. Other grounds are peripheral arguments to those main issues. 3. As far as reopening of the assessment is concerned, the ld.counsel for the assessee did not press this ground. Accordingly, the ground no.1 is rejected. 4. Brief fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he contended that ld.DVO has erred in not considering the objection of the assessee, and has erred in taking the rates w.e.f. 1-4-2010, that is the period when the sale deed was executed. The ld.DVO ought to have taken the rates when agreement was executed by the assessee. In his last fold of submissions, he contended that an amendment has been effected in section 50C, which has been brought on the statute book by Finance Bill, 2016. Though the amendment has been made effective from 1st day April, 2017 and it is intended to be applied in the Asstt.Years 2017-18, but it is a procedural aspect, and it can be applied even in the pending matters. According to this amendment, it has been provided that wherever, section 50C is being applied, it is to be applied from the date of agreement fixing the amount of consideration for the transfer of immovable property, and the date of registration, which are not same, may not be considered. On the other hand, the ld.DR relied upon the orders of the Revenue authorities. 7. I have duly considered rival contentions and gone through the record carefully. Section 48 of the Income Tax Act provides mode of computation of capital gain. It contemp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Asstt.Year 2008-09. This argument was not dealt with by the ld.Revenue authorities in detail, because, before the AO, it was not raised. Before taking cognizance of this argument, it is pertinent to take note of Registration and other related Laws, Amendment Act, 2001 which has brought about radical changes in the rights flowing on the basis of the agreement executed in part performance of the contract under section 53A of 1882 Act. The amendments have been made to sections 17 and 49 of the Indian Registration Act, 1908. It is pertinent to take note of section 17(1A) as well as Section 49 of the Registration Act. 17.(1A) The documents containing contracts to transfer for consideration, any immovable property for the purpose of section 53A of the Transfer of Property Act, 1882 (4 of 1882) shall be registered if they have been executed on or after the commencement of the Registration and Other Related laws (Amendment) Act, 2001 and if such documents are not registered on or after such commencement, then, they shall have no effect for the purposes of the said section 53A. 49. Effect of non-registration of documents required to be registered.-No document required by sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to bring a suit for specific performance. But after the amendment effected in the Registration and Other Related Laws Amendment Act, 2001, it has been provided that though a contract accompanied by either of possession or executed in favour of a person in possession is compulsorily registerable under section 17(1A) of the Registration Act, 1908, if he failed to register such contract, then, he would not be able to protect his possession or any benefit conferred by section 53A of the TPA. Proviso appended to section 49 of the Indian Registration Act only postulates that such agreement could be tendered in evidence in a suit for specific performance. In other words, validity of unregistered agreement has not been denied for the purpose of adducing it as evidence for obtaining the benefit flowing from such contract. But for the purpose of protecting the possession, un-registered contract could not be enforced. The transfer within the meaning of section 2(47) of the Income Tax Act would complete, if possession is protected. Therefore, I do not find any merit in the first fold of submissions raised by the ld.counsel for the assessee. 13. As far as second fold of submission is con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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