https://www.taxtmi.com/caselaws?id=58224 For gift-tax purposes, a transfer of immovable property is completed only upon execution and registration of the conveyance; the relation-back rule under section 47 of the Registration Act, 1908 does not make it complete from the execution date. Consequently, a deemed gift arising from the sale was not taxable in the assessment year under consideration, leaving the original assessment valid and removing the basis for revision. Cancellation of an earlier vague revision notice did not bar a fresh notice under section 24(2), if statutory conditions and limitation requirements were met. Valuation material could support a direction for fresh assessment, but could not justify revision where the original assessment was not erroneous or prejudicial to revenue. en-us Tue, 25 May 1982 00:00:00 +0530 Sat, 18 Dec 2010 10:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58224 For gift-tax purposes, a transfer of immovable property is completed only upon execution and registration of the conveyance; the relation-back rule under section 47 of the Registration Act, 1908 does not make it complete from the execution date. Consequently, a deemed gift arising from the sale was not taxable in the assessment year under consideration, leaving the original assessment valid and removing the basis for revision. Cancellation of an earlier vague revision notice did not bar a fresh notice under section 24(2), if statutory conditions and limitation requirements were met. Valuation material could support a direction for fresh assessment, but could not justify revision where the original assessment was not erroneous or prejudicial to revenue. Case-Laws Income Tax Tue, 25 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58224