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 land for the purpose of payment of stamp duty upon its transfer. This contention however, ignores the plain language used in sub­section (1) of section 50C which provides for the adoption of the valuation of the Stamp Valuation Authority for the purpose of payment of stamp duty not only when it is adopted or assessed but where it is assessable by such authority. The expressions ‘adopted’ or ‘assessed’ or ‘assessable’ would include even a case where the document evidencing transfer of the capital asset has not been presented for registration. The expression ‘assessable’ would permit the Revenue authorities to apply what is popularly referred to as Jantri rates with respect to the land in question for the purpose of section 48 of the Act with aid of deeming fiction contained in sub­section (1) of section 50C of the Act.