Thanks for your valuable views. but i still have some issues. Though section 50C does not contain any non obstante clause, it is a special provision while section 45(3) is a general provision. It is a well accepted view that special provision will prevail over the general provision. Section 45(3) applies to every capital asset contributed by the partner to the firm whereas section 50C, being specific, applies only to land and building. In fact, lucknow ITAT has considered this point in case of Carlton Hotel (122 TTJ 515) holding that 50C overrides section 45(3). In that case, the decision was in favour of the assessee on the ground that no sale deed was regisstered and hence section 50C was not applicable which ground no longer remains in view of amendment in section 50C.
As far as receipt of black money is concerned, it may be a case that the partner contribute land (or any other capital asset) to firm at cost and receive black money from other partners who may be outsideres so that on further sale or development thereof all partners may get share of profit in agreed manner on paper. In such a case, there may be involvement of black money though partnership is genuine. so this contention may not be a correct situation in all the cases. Kindly share your valuable views. If any direct decision is there on this issue, kindly share with me. Thanks to all.