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Concession agreement constitutes a lease u/s 105 of the Transfer of Property Act, 1882 and Section 2(16) of the Indian Stamp Act, 1899. Stamp duty payable on the amount spent by the lessee, not the entire project cost. Amendment to Article 33 of Schedule 1(A) of the Indian Stamp (M.P.) Act, 2002 valid. Doctrine of legitimate expectation serves as a procedural safeguard, not a substantive right. Doctrine of promissory estoppel inapplicable against exercise of legislative power. Concession agreement upheld as a lease without perversity. Demand for stamp duty on entire project cost set aside, to be recalculated based on amount spent by lessee. Excess amount deposited to be refunded. Appeals partly allowed.
Concession agreement constitutes a lease u/s 105 of the Transfer of Property Act, 1882 and Section 2(16) of the Indian Stamp Act, 1899. Stamp duty payable on the amount spent by the lessee, not the entire project cost. Amendment to Article 33 of Schedule 1(A) of the Indian Stamp (M.P.) Act, 2002 valid. Doctrine of legitimate expectation serves as a procedural safeguard, not a substantive right. Doctrine of promissory estoppel inapplicable against exercise of legislative power. Concession agreement upheld as a lease without perversity. Demand for stamp duty on entire project cost set aside, to be recalculated based on amount spent by lessee. Excess amount deposited to be refunded. Appeals partly allowed.
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TaxTMI 
TaxTMI 
of 4915 
