Capital gains cannot rest on Form 26AS alone; transfer under part-performance requires a written contract and possession evidence.

For capital gains computation, Form 26AS alone is not conclusive of sale consideration where the actual registered sale deed and transfer documents require verification. The assessment based solely on Form 26AS was set aside and the matter was restored for examination on proper evidence. The deeming fiction in section 2(47)(v) applies only when a written contract exists and the requirements of section 53A of the Transfer of Property Act are satisfied, including transfer of possession. A transaction cannot be treated as a transfer for capital gains purposes unless the elements of part-performance are established on the facts.

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Issues: Whether the long-term capital gain could be computed solely on the basis of Form 26AS instead of the actual sale deed and whether the deeming provision relating to transfer under part-performance was attracted on the facts.

Analysis: The sale consideration adopted by the lower authorities was based on Form 26AS, without examining the actual registered sale deed. Computation of sale consideration cannot rest only on Form 26AS where the real transaction requires verification of the transfer instrument. The deeming fiction under section 2(47)(v) of the Income-tax Act applies only where there is a written contract coupled with transfer of possession in terms of section 53A of the Transfer of Property Act. A valid written contract and the necessary ingredients of part-performance are essential before treating the transaction as a transfer for capital gains purposes.

Conclusion: The assessment based only on Form 26AS was set aside and the issue was restored for examination in accordance with law on the basis of proper transfer documents and evidence, leaving the question of status open.

Ratio Decidendi: For capital gains computation, Form 26AS by itself is not conclusive of sale consideration, and section 2(47)(v) applies only when the requirements of section 53A of the Transfer of Property Act are satisfied through a written contract and transfer of possession.

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