Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
