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Section 49 of the Registration Act, 1908 makes a document required to be registered but left unregistered inadmissible to affect immovable property. The PROVISO to Section 49, however, permits the unregistered document:

Answer & Solution
Correct answer: B.
1. The body of Section 49 forbids reception of an unregistered document required to be registered to affect immovable property or to confer any power to adopt. 2. The proviso carves out three uses: (i) evidence of contract in a suit for specific performance, (ii) evidence of part performance under Section 53A TPA, and (iii) evidence of a collateral transaction not required to be effected by registered instrument. 3. The document does not become conclusive evidence of title — only an evidentiary aid for the specified purposes. 4. K. Narasimha Rao v. Sai Vishnu, AIR 2006 NOC (AP) 80, illustrates that an instrument insufficiently stamped is inadmissible even for collateral purposes until properly stamped. _Source: ICSI CS Executive Paper 1 (Jurisprudence, Interpretation & General Laws) — Lesson 15: Registration Act, 1908, pp. 375-388._
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