Apex Law Journal
Apex Law Journal
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Editor

Neha Goel, Advocate

Advisory Board

S.C. Khunger, Advocate

Rohit Bansal, Advocate

Varinder Singh Kanwar, Advocate

Hittan Nehra, Advocate

Judgments on Indian Stamp Act, 1899

Friday, January 27, 2012
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Sections 47A/33 — Notice demanding differential stamp duty with interest and penalty issued on the ground that the property is being used for commercial purpose — Held, merely because the property is being used for commercial purpose at a later point of time may not be a relevant criterion for assessing the value for the purpose of stamp duty — The nature of user is relatable to the date of purchase and it is relevant for the purpose of calculation of stamp duty.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Sections 47A/33 — Notice demanding differential stamp duty with interest and penalty issued on the ground that the property is being used for commercial purpose — Held, merely because the property is being used for commercial purpose at a later point of time may not be a relevant criterion for assessing the value for the purpose of stamp duty — The nature of user is relatable to the date of purchase and it is relevant for the purpose of calculation of stamp duty.

 
Tuesday, May 12, 2009
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Sections 2(24) & 6 and Articles 58 and 64 — Settlement deed — Owner’s of the property, in the present case, formed a religious and charitable trust and transferred their property to Trust — A deed of trust was executed to this effect — Held, deed of trust also answered the definition of ‘settlement’as defined under section 2(24) of the Act — Further held, having regard to section 6, Stamp duty was payable under Article 58 of Schedule I-B to the Act on the declared value of the trust property.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Section 2(24) — Definition of ‘settlement’ — Held, merely because an instrument answers the definition of a trust deed it does not cease to be a settlement deed for the purpose of stamp duty, if it answers the definition of ‘settlement’ also — It is well settled that all trusts are not settlements, and all settlements are not trusts, but a deed of trust can also be a deed of settlement.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Section 2(24) — Definition of ‘settlement’ — Held, it is evident from the definition of “settlement” in section 2(24) that any non-testamentary disposition in writing, either of moveable or immovable property made for any religious or charitable purpose is a settlement — The definition also makes it clear that even where there is no such disposition in writing, any instrument recording whether by way of declaration of trust or otherwise, the terms of any of such disposition will also be a settlement — It is thus evident that not only instruments which are non-testamentary dispositions of property for any religious or charitable purpose, but also declarations of trust which record the terms of such disposition, are settlements — ‘Disposition’ is a term of wide import which encompasses any devise or mode by which property can pass and includes giving away or giving up by a person of something which was his own — The Commissioner of Gift Tax Madras vs. N.S. Getty Chettiar, AIR 1971 SC 240 and The Collector of Estate Duty Andhra Pradesh vs. Kancharla Kesava Rao, AIR 1973 SC 2485 relied.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — The principles relating to charging stamp duty are well settled. They are:

(i) The object of the Stamp Act is generation of revenue. It is therefore a fiscal enactment and has to be interpreted accordingly.

(ii) Stamp duty is levied with reference to the instrument and not in regard to the transaction, unless otherwise specifically provided in the Act.

(iii) Stamp duty is determined with reference to the substance of the transaction as embodied in the instrument and not with reference to the title, caption or nomenclature of the instrument.

(iv) For classification of an instrument, that is to determine whether an instrument comes within a particular description in an article in the Schedule to the Act, the instrument should be read and construed as whole.

(v) Where an instrument falls under two or more descriptions in the Schedule to the Act, the instrument shall be chargeable with only one duty, that is the highest of the duties applicable to the different description. But where an instrument relates to several distinct matters, it shall be chargeable with the aggregate amount of duties to which separate instruments would be chargeable.  


 
Wednesday, December 12, 2007
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Section 17 read with Section 2(12) — Whether the valuation should be assessed on the market rate prevailing at the time of registration of the sale deed or when the parties entered into agreement to sell? — Held, valuation should be assessed on the market rate prevailing at the time of registration of the sale deed — The Stamp Act is in the nature of a taxing statute, and a taxing statute is not dependant on any contingency — Therefore, simply because the matter have been in the litigation for a long time that cannot be a consideration to accept the market value of the instrument when the agreement to sale was entered.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Section 17 read with Section 2(12) — There is no manner of doubt that at the time of registration, the Registering Authority is under an obligation to ascertain the correct market value at that time, and should not go by the value mentioned in the instrument.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Section 3 and Section 17 — Section 3 which is the charging section cannot be read in isolation but has to be read along with Section 17 of the Act.

 
Indian Stamp Act, 1899

Indian Stamp Act, 1899 — Sections 3, 17 and 27 — Rajasthan (Amendment) Stamp Duty Act, Section 47-A — From a composite reading of Sections 3, 17 and 27, it becomes abundantly clear that the valuation given in an instrument is not conclusive — If any doubt arises in the mind of the Registering Authority that the instrument is under-valued then as per Section 47-A of the Rajasthan (Amendment) the instrument can be sent to the Collector for determination of the correct market value — Under Section 47-A read with Sections 3, 17 and 27, it becomes clear that the Registering Authority has to ascertain the correct valuation given in the instrument regarding market value of the property at the time of the sale.

 
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