Section 269AB of Income Tax Act "Registration of certain transactions"
269AB. (1) The following transactions, that is to say,-
(a) every transaction involving the allowing of the
possession of any immovable property to be taken or retained
in part performance of a contract of the nature referred to
in section 53A of the Transfer of Property Act, 1882 (4 of
1882), and
(b) every transaction (whether by way of becoming a member
of, or acquiring shares in, a co-operative society, company
or other association of persons or by way of any agreement
or any arrangement of whatever nature) whereby a person
acquires any rights in or with respect to any building or
part of a building (whether or not including any machinery,
plant, furniture, fittings or other things therein) which
has been constructed or which is to be constructed [not
being a transaction by way of sale, exchange or lease of
such building or part of a building which is required to be
registered under the Registration Act, 1908 (16 of 1908)],
shall be reduced to writing in the form of a statement by
each of the parties to such transaction or by any of the
parties to such transaction acting on behalf of himself and
on behalf of the other parties.
(2) Every statement in respect of a transaction referred to
in sub-section (1) shall-
(a) be in the prescribed form ;
(b) set forth such particulars as may be prescribed ; and
(c) be verified in the prescribed manner,
and registered with the competent authority, in such manner
and within such time as may be prescribed, by each of the
parties to such transaction or by any of the parties to such
transaction acting on behalf of himself and on behalf of the
other parties.
269B. (1) The Central Government may, by general or
special order published in the Official Gazette,-
(a) authorise as many Joint Commissioners, as it thinks fit,
to perform the functions of a competent authority under this
Chapter ; and
(b) define the local limits within which the competent
authorities shall perform their functions under this
Chapter.
(2) In respect of any function to be performed by a
competent authority under any provision of this Chapter in
relation to any immovable property referred to in section
269C, the competent authority referred to therein shall,-
(a) in a case where such property is situate within the
local limits of the jurisdiction of only one competent
authority, be such competent authority ;
(b) in a case where such property is situate within the
local limits of the jurisdiction of two or more competent
authorities, be the competent authority empowered to perform
such functions in relation to such property in accordance
with rules made in this behalf by the Board under section
295.
Explanation.-For the purposes of this sub-section, immovable
property, being rights of the nature referred to in clause
(b) of sub-section (1) of section 269AB in, or with respect
to, any building or part of a building which has been
constructed or which is to be constructed shall be deemed to
be situate at the place where the building has been
constructed or is to be constructed.
(3) No person shall be entitled to call in question the
jurisdiction of a competent authority in respect of any
immovable property after the expiry of thirty days from the
date on which such competent authority initiates proceedings
under section 269D for the acquisition of such property.
(4) Subject to the provisions of sub-section (3), where the
jurisdiction of a competent authority is questioned, the
competent authority shall, if satisfied with the correctness
of the claim, by order in writing, determine the question
accordingly and if he is not so satisfied, he shall refer
the question to the Board and the Board shall, by order in
writing, determine the question.