Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
SC held that an unregistered deed assigning a decree for specific performance of an agreement to sell immovable property is valid and does not attract mandatory registration under S.17(1)(e) of the Registration Act, 1908. The Court reiterated that neither an agreement of sale nor a decree for specific performance, by itself, creates or transfers right, title or interest in immovable property; such rights arise only upon execution and registration of a conveyance deed. As the underlying decree does not itself create proprietary rights, its assignment does not fall within the ambit of S.17(1)(e). Consequently, the assignment deed executed by X in favour of Y was held enforceable. The Executing Ct's refusal to execute was set aside, the HC's judgment was affirmed, and the appeal was dismissed.
SC held that an unregistered deed assigning a decree for specific performance of an agreement to sell immovable property is valid and does not attract mandatory registration under S.17(1)(e) of the Registration Act, 1908. The Court reiterated that neither an agreement of sale nor a decree for specific performance, by itself, creates or transfers right, title or interest in immovable property; such rights arise only upon execution and registration of a conveyance deed. As the underlying decree does not itself create proprietary rights, its assignment does not fall within the ambit of S.17(1)(e). Consequently, the assignment deed executed by X in favour of Y was held enforceable. The Executing Ct's refusal to execute was set aside, the HC's judgment was affirmed, and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.