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This applicable to both advance or other sum received on transfer of immovable asset because the words used are 'Any sum receivable whether as advance or otherwise, in relation to transfer of an immovable property whether or not the transfer take place'. From this u will fill that word 'or otherwise' has been used and as such the entire amount of sale consideration has to be through account payee cheque or draft if the involved amount is 20000 or more

Firm revalued its land to 50 lacs ( books value 5 lacs) and then transferred all assets and liabilities to a company by complying the provisions of S. 47(xiii). After two years company sold the land at Rs. 70 lacs. There was a judgement of either Tribunal or HC that in such a case cost to previous owner formula will not apply because there is no such provision in S. 49 and for capital gain cost in hands of company being Rs. 50 lacs will be taken into account. If anybody can share the citation. Though we know that S. 49(1) (iii)(e) has been amended by Finance Act 2012 w.r.e.f from 01-04-1999 whereby in such cases now cost to previous owner will have to be taken into account. I need the citation in penalty proceedings.