Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
The dominant issue was whether a single mortgage deed securing repayment under multiple loan agreements attracted stamp duty under Section 4 (one transaction) or Section 5 (several distinct matters) of the Stamp Act. The court held Section 4 requires commonality of a single transaction, whereas Section 5 applies where distinct transactions are embodied in one instrument, requiring aggregate duty as if separate instruments existed. As the four loan agreements imposed separate obligations and constituted independent transactions, execution of one consolidated mortgage deed could not convert them into a common transaction; duty was correctly assessed separately for each loan, along with deficit consequences. The challenge to the revisional order was rejected and the petition was dismissed. - HC
The dominant issue was whether a single mortgage deed securing repayment under multiple loan agreements attracted stamp duty under Section 4 (one transaction) or Section 5 (several distinct matters) of the Stamp Act. The court held Section 4 requires commonality of a single transaction, whereas Section 5 applies where distinct transactions are embodied in one instrument, requiring aggregate duty as if separate instruments existed. As the four loan agreements imposed separate obligations and constituted independent transactions, execution of one consolidated mortgage deed could not convert them into a common transaction; duty was correctly assessed separately for each loan, along with deficit consequences. The challenge to the revisional order was rejected and the petition was dismissed. - HC
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