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TMI Blog1989 (1) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... was brought to tax. 2. The AAC held that there was no taxable gift based on evaluation of land value and the exchanged interest. The finding of the AAC in this regard is as under: "I have gone through the argument placed by the authorised representative as well as the order of the GTO. I find that the GTO has fixed the value of plot in Survey No. 65/1 which was sold in 1980 at the rate of Rs. 6 per sq. ft. He has also fixed the value of plot in Survey No. 63/2 which was sold in 1984 at the rate of Rs. 5.75 per s. ft. The authorised representative of the appellant against these valuations produced the document No. 906 showing sale of two cents of land in Survey No. 65/3-B at the rate of Rs. 2 per sq. ft. in 1980. He has also produced the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny transfer by way of exchange in the asst. yr. 1982-83 did not arise. In support of this proposition reliance was placed on a decision of the Gujarat High Court in the case of Dabar Shivrajkumar vs. CGT (1981) 24 CTR (Guj) 169 : (1981) 131 ITR 647 (Guj), and a decision of the Madras High Court in the case of CIT vs. Tamil Nadu Agro Industries Corpn. Ltd. (1984) 41 CTR (Mad) 233 : (1987) 163 ITR 61 (Mad). 5. On behalf of the Revenue the learned Deptl. Res. submitted that the document in question has been executed on 16th December, 1981 and by virtue of provisions of s. 47 of the Registration Act on execution of the document the document dated back and, therefore, the gift took place on 16th March, 1981, which was a date which fell in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s placed on s. 47 of the Registration Act, 1908, which provides that a registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made and not from the time of its registration. The true scope of s. 47 has to be realised in order to comprehend its impact. A question pertaining to the scope of this provision arose before the Supreme Court in Ram Saran Lall vs. Mst. Domini Kuer AIR 1961 (SC) 1747. The Supreme Court observed that s. 47 of the Registration Act does not say when a sale would be deemed to be complete. It only permits a document, when registered, to operate from a certain date which may be earlier than the date when it was registered. The pertinen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... risdiction on that date to accept the said application. This contention, however, cannot be accepted in view of the decision in Ram Saran Lall vs. Mst. Domini Kuer (1962) 2 SCR 474 : AIR 1961 (SC) 1747; where this Court rejected an identical contention. Mr. Desai tried to distinguish that case on the ground that it was based on Mohammedan law which by custom applied to the parties there. But the decision is based not on any principle of Mohammedan law but on the effect of s. 47 of the Registration Act. In view of these two decisions, the view taken by the Tribunal must be sustained." 7. The Gujarat High Court has based its decision on the ratio of the two decisions of the Supreme Court of India. We may only state for the sake of complet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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