https://www.taxtmi.com/caselaws?id=346349 An unregistered agreement to sell, coupled with incomplete payment and continued ownership in revenue records, was analysed as not satisfying the requirements of transfer by part performance under section 2(47) read with section 53A, so capital gains could not be fastened on that basis. Section 50C was held inapplicable in its pre-amendment form because the transaction was not one where value had been adopted or assessed by the stamp valuation authority, and the later "or assessable" amendment was prospective. A valuation-officer reference under section 142A could not justify substitution of ready reckoner value for the agreed consideration, and a penalty under section 271(1)(c) could not survive once the quantum addition failed. en-us Wed, 21 Jun 2017 00:00:00 +0530 Thu, 10 Aug 2017 06:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346349 An unregistered agreement to sell, coupled with incomplete payment and continued ownership in revenue records, was analysed as not satisfying the requirements of transfer by part performance under section 2(47) read with section 53A, so capital gains could not be fastened on that basis. Section 50C was held inapplicable in its pre-amendment form because the transaction was not one where value had been adopted or assessed by the stamp valuation authority, and the later "or assessable" amendment was prospective. A valuation-officer reference under section 142A could not justify substitution of ready reckoner value for the agreed consideration, and a penalty under section 271(1)(c) could not survive once the quantum addition failed. Case-Laws Income Tax Wed, 21 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346349