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Issues: Whether Chapter XX-A of the Income-tax Act, 1961 applied to a sale deed executed before but registered after its commencement, and whether section 47 of the Registration Act, 1908 could treat the transfer as completed from the date of execution.
Analysis: The transfer in question was completed only upon registration of the instrument, because for immovable property of the value covered by section 54 of the Transfer of Property Act, 1882, title passes only on registration. The definitions of "transfer" and "instrument of transfer" in section 269A of the Income-tax Act, 1961, read with section 269C, section 269D and section 269F of that Act, showed that the acquisition machinery under Chapter XX-A was intended to operate on transfers completed by registration. The limitation in the proviso to section 269D, measured from the month of registration, reinforced that legislative scheme. Section 47 of the Registration Act, 1908 did not alter the point of completion for this purpose, and the conclusion was supported by binding precedent.
Conclusion: Chapter XX-A applied to the transaction, and section 47 of the Registration Act, 1908 did not save the appellant's contention. The issue was decided against the assessee.
Final Conclusion: The acquisition proceedings were validly attracted because the relevant transfer was completed only on registration, not on execution of the deed.
Ratio Decidendi: For purposes of Chapter XX-A of the Income-tax Act, 1961, a transfer of immovable property is completed on registration of the instrument, and section 47 of the Registration Act, 1908 does not deem the transfer complete earlier so as to exclude the operation of the acquisition provisions.
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