Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43CA commenced.

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....Section 43CA does not apply to a land-sale transaction where the agreement to sell was executed and substantial non-cash consideration was received through banking channels before the provision came into force. Although registration occurred later, it merely fulfilled contractual obligations substantively discharged before enactment. Section 43CA, which substitutes stamp-duty value for consideration on transfer of land or buildings held as stock-in-trade, could not be invoked retrospectively in these circumstances. A contrary precedent was distinguishable because payment through account-payee cheques at the agreement stage had not been established there. The stamp-duty valuation addition was deleted, making the valuation-reference plea unnecessary.....