Appeal dismissed: petitioner denied ITC for electricity used in township maintenance as residential supply; Explanation 1(d) prospective under s.2(17)...
Registration under section 12AA granted where substantive charitable objects for ex-servicemen, incidental commercial activity permitted and profits a...
The SC affirmed the High Court's dismissal of the appeal, holding the instrument labelled a "Security Bond cum Mortgage Deed" is, in substance, a mortgage deed chargeable under Article 40 of Sch.1-B of the Indian Stamp Act, 1899, not falling within Article 57. The Court found the instrument transferred the appellant's interest in specified properties to the development authority to secure performance and payment obligations, thereby satisfying the statutory definition of mortgage. Article 57's second limb applies only to surety-executed securities; absent any surety and with the principal debtor executing the deed, Article 57 is inapplicable. The appeal was dismissed and the High Court orders upheld.
The SC affirmed the High Court's dismissal of the appeal, holding the instrument labelled a "Security Bond cum Mortgage Deed" is, in substance, a mortgage deed chargeable under Article 40 of Sch.1-B of the Indian Stamp Act, 1899, not falling within Article 57. The Court found the instrument transferred the appellant's interest in specified properties to the development authority to secure performance and payment obligations, thereby satisfying the statutory definition of mortgage. Article 57's second limb applies only to surety-executed securities; absent any surety and with the principal debtor executing the deed, Article 57 is inapplicable. The appeal was dismissed and the High Court orders upheld.
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