Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The appeal challenges the liability to pay stamp duty and penalty on agreements executed prior to the sale deed for two properties. The court determined the real intention from the instrument's contents and language. Section 4(1) states that where multiple instruments complete a transaction, the principal instrument alone is chargeable with the highest duty prescribed in Schedule I. The proviso allows parties to determine the principal instrument themselves. In this case, although the agreements mentioned conveyance and the sale deed followed, the properties' value exceeded Rs.100, and possession was handed over on the agreement date, implying acquisition of possessory rights u/s 53A of the Transfer of Property Act, requiring proper stamp duty and registration u/s 17 of the Registration Act. The subsequent sale deed does not absolve the liability to pay appropriate stamp duty on the agreements, which were the principal documents under Explanation I of Article 25 of Schedule-I of the Act. The trial court rightly impounded the documents and directed adjudication of stamp duty and penalty by the Collector. The High Court correctly held no interference was warranted. The Supreme Court affirmed the orders and dismissed the appeal.
The appeal challenges the liability to pay stamp duty and penalty on agreements executed prior to the sale deed for two properties. The court determined the real intention from the instrument's contents and language. Section 4(1) states that where multiple instruments complete a transaction, the principal instrument alone is chargeable with the highest duty prescribed in Schedule I. The proviso allows parties to determine the principal instrument themselves. In this case, although the agreements mentioned conveyance and the sale deed followed, the properties' value exceeded Rs.100, and possession was handed over on the agreement date, implying acquisition of possessory rights u/s 53A of the Transfer of Property Act, requiring proper stamp duty and registration u/s 17 of the Registration Act. The subsequent sale deed does not absolve the liability to pay appropriate stamp duty on the agreements, which were the principal documents under Explanation I of Article 25 of Schedule-I of the Act. The trial court rightly impounded the documents and directed adjudication of stamp duty and penalty by the Collector. The High Court correctly held no interference was warranted. The Supreme Court affirmed the orders and dismissed the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
