Section 54 exemption upheld on part performance and possession despite an unregistered property agreement.

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....Exemption under section 54 was upheld where the assessee had substantially paid the vendor and taken possession under an unregistered agreement, bringing the transaction within part performance under section 53A of the Transfer of Property Act. The Tribunal accepted that registration was not ative on these facts and noted that the same transaction had been accepted in the vendor's assessment. It also found no defect in title material already on record and rejected the Revenue's Rule 46A objection because the conveyance deed had been before the Assessing Officer. The appellate order granting exemption was sustained and the Revenue's appeal was dismissed.....