Law: Registration Rules, 1929

Section: 137

(a) Finance Act (V of 1989)--- ----S.7 [as amended by S.15 of Punjab Finance Act (III of 2006)]---Capital Value Tax---Levy---Date and time of purchase or acquisition of right from seller by purchaser provides for levy of Capital Value Tax and not the day or date of its registration under Registration Act, 1908. (b) Transfer of Property Act (IV of l 882)--- ----S.54---Sale---Scope---Sale transaction, in case it is brought in black and white, is complete when it is confirmed by parties. (c) Registration Act (XVI of 1908)--- ----Ss.71, 72, 73 & 77---Finance Act (V of 1989), S.7 [as amended by S.15 of Punjab Finance Act (III of 2006)]---Constitution of Pakistan (1973), Art. 199---Constitutional petition---Capital Value Tax, levy of---Past and closed transaction---Deposit of sale deed for registration prior to the cut-off date---Petitioner sold his land vide sale-deed which was completed in presence of Local Commissioner and petitioner had received consideration amount---Sale-deed was presented for registration before 1-7-2006 but it was not registered on certain objections---Later on the Registration authorities asked the petitioner to pay Capital Value Tax as registration was not completed before cut-of date--Validity---Transaction was. completed when petitioner as seller put his signatures and thumb-impressions on the document in presence of witnesses as also the Local Commissioner appointed by the authorities---Seller having accepted the consideration, the purchase or acquisition of title by purchaser was complete---Since the amendment in S.7 of Finance Act, 1989, by way of S.15 of Finance Act, 2006, providing for levy on such like transactions came into effect on 1-7-2006, the transaction of sale in question was a past and closed transaction as far the levy was concerned---Transaction could not be brought to the levy, merely for the reason that the document number, book number, volume number or date of registration could not be filled in though the stamped recitals had been signed by Registrar for whatever reason---Refusal on the part of Registrar to fill in blanks or to give document number; book number, volume number or date of registration data was…

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