Section 50C applies even to Unregistered Transfer of Capital Assets

Section 50C of the Act provides for special provision for full value of consideration in certain cases. Sub­section (1) of section 50C provides for the adoption of the value taken by the Stamp Valuation Authority for the purpose of stamp duty as the full value of consideration of the transferred asset for the purpose of section 48 of the Act. Learned counsel for the Revenue however contended that in the present case the transfer of the land took place under Banakhat which was not registered and that therefore there was no occasion for the Stamp Valuation Authority to assess the value of the l...