TMI Blog1976 (11) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... ber 28, 1972, in favour of the appellant conveying the cinema theatre for a consideration of Rs. 1,10,000. The said deed was presented for registration to the concerned registering authority. The Sub-Registrar of Malkipuram Village called upon the vendors to obtain a clearance certificate from the income-tax authorities under s. 230A of the I.T. Act, 1961, hereinafter referred to as " the Act ". The vendors obtained the tax clearance certificate on November 16, 1972, and having produced the same before the registering authority got the sale deed registered on November 16, 1972. Chapter XX-A was introduced in the Act and it came into force on November 15, 1972. The competent authority under Chapter XX-A of the Act, viz., the IAC, Income-tax, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct; therefore, having regard to the provisions of s. 47 of the Indian Registration Act, the sale deed would be deemed to operate from the date of its execution and not from the date of its registration, and since Chapter XX-A came into force on November 15, 1972, it did not apply to the sale deed in question. In support of that contention, Mr. Anjaneyulu had cited several rulings. That contention was not accepted by the single judge in view of the ruling of the Supreme Court in Ram Saran Lall v. Mst. Domini Kuer, AIR 1961 SC 1747. The learned single judge also was of the opinion that, having regard to the provisions of s. 269C of the Act read in conjunction with the definitions of the expressions " transfer " and " instrument of transfer" i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ically observed : "A sale which is admittedly not completed until the registration of the instrument of sale is completed, cannot be said to have been completed earlier because by virtue of s. 47 the instrument by which it is effected, after it has been registered, commences to operate from an earlier date. Therefore, we do not think that the sale in this case can be said, in view of s. 47, to have been completed on January 31, 1946. The view that we have taken of s. 47 of the Registration Act seems to have been taken in Tilakdhari Singh v. Gour Narain, AIR 1921 Pat 150. We believe that the same view was expressed in Naresh Chandra Dutta v. Girish Chandra Das [1936] ILR 62 Cal 979; AIR 1936 Cal 17 and Gobardhan Bar v. Gana Dhar Bar, [1940 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sition of any immovable property where the competent authority has reason to believe that any immovable property of a fair market value exceeding Rs. 25,000 has been transferred by one person to another for an apparent consideration which is less than the fair market value of the property, and that the consideration for such transfer as agreed to between the parties has not been truly stated in the instrument of transfer with the object of facilitating the reduction or evasion of the liability of the transferor to pay tax under this Act in respect of any income arising from the transfer, or facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the acquisition of the property under the Chapter after obtaining the approval of the Commissioner. A perusal of the sections noted above especially in view of the definitions of the expressions "instrument of transfer" and "transfer" under s. 269A of the Act, would leave us in no doubt that the legislature intended that on the completion of the instrument of transfer by registration under the Indian Registration Act, the competent authority would be entitled to acquire the property if the conditions mentioned in s. 269F of the Act have been satisfied. As pointed out earlier, under s. 54 of the Transfer of Property Act, a sale of immovable property of the value of Rs. 100 or more could only be completed by registration under the India ..... X X X X Extracts X X X X X X X X Extracts X X X X
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