Allowing the appeal of the assessee the Tribunal held that ,assignment of leasehold rights is not registered, after the amendment Act 2001, unless the document is registered have no effect in law for the purpose of section 53A of Transfer of property Act and sections 17 and 49 of the Indian Registration Act. By the aforesaid amendment the words ‘the contract, though required to be registered, has not been registered, or’ in section 53A of 1882 Act have been omitted. Simultaneously, sections 17 and 49 of Registration Act, 1908 have been amended, clarifying that unless the documents containing the contract to transfer for consideration any immovable property is registered, it shall not have any effect in law; other than for being received as evidence of a contract for specific performance or as evidence of any collateral proceedings not required to be effected by a registered instrument.  Accordingly the amount received is not liable to capital gains tax.  (AY. 2008 -09)