Stamp duty on amalgamation orders requires relevant approval-stage valuation material, not reliance solely on an earlier valuation report.

Stamp duty on an amalgamation order must be determined with reference to the order approving the scheme and relevant valuation material connected with the amalgamation. A valuation report prepared before National Company Law Tribunal approval cannot alone conclusively determine the duty. Where satisfactory valuation material from the amalgamation process or approval stage is unavailable, the assessment requires fresh consideration of additional valuation material and the party's prior response after a personal hearing.

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Issues: Whether stamp duty on an amalgamation order was required to be determined by reference to the valuation prevailing on the date of the National Company Law Tribunal's approval of the scheme, rather than an earlier valuation report.

Analysis: For stamp-duty purposes, the instrument was the order approving the amalgamation. The statutory framework required consideration of the instrument and the relevant valuation connected with the amalgamation. Reliance solely on a valuation dated 23.02.2018, preceding the National Company Law Tribunal's approval dated 06.05.2019, was insufficient to conclusively determine the duty. At the same time, the petitioner had not furnished satisfactory valuation material prepared during the amalgamation process or at the time of approval. A fresh determination therefore required consideration of the additional valuation material and the petitioner's earlier response, following an opportunity of personal hearing.

Conclusion: Stamp duty could not be conclusively determined on the basis of the earlier valuation dated 23.02.2018 alone.

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