G.C.Bharuka, J.

1. This reference made under Sec. 256(1) of the Income-tax Act, 1961 (hereinafter to be referred to as "the Act" only), involves the following questions of law :

" (1) Whether, on the facts and in the circumstances of the case, the learned Income-tax Officer was justified in including the sum of Rs. 42,000 pertaining to three deeds of sale in the gross receipts for the purposes of computation of capital gains ?

(2) Whether, on the facts and in the circumstances of the case, the learned Income-tax Officer was legally correct in coming to a finding that once the sale deed was registered, the transfer was complete and any stipulation in the deed of sale to the contrary was irrelevant ?

(3) Whether by mere execution of a deed of sale and registration thereof, there could be transfer of an immovable property without effective conveyance of the same to the transferee ?

(4) Whether, transfer according to Sec. 2(47) of the Income-tax Act, 1961, must mean effective conveyance of the capital asset to the transferee ?"

2. The relevant facts and circumstances of the case lie in a short corn-pass.

The assessee is an individual. During the previous year relating to the as