https://www.taxtmi.com/caselaws?id=96731 A form filed under Section 104 of the Indian Companies Act for allotment of fully paid shares otherwise than in cash was not a conveyance chargeable to stamp duty, because the company's issue of shares for the first time did not involve a transfer of existing property to the allottee. The court treated shares as property in the hands of a shareholder, but held that the company itself was not transferring property by making the allotment. The form was therefore correctly treated as an agreement, and stamp duty as on a conveyance was not exigible. en-us Thu, 19 Nov 1936 00:00:00 +0530 Sat, 26 Dec 2020 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96731 A form filed under Section 104 of the Indian Companies Act for allotment of fully paid shares otherwise than in cash was not a conveyance chargeable to stamp duty, because the company's issue of shares for the first time did not involve a transfer of existing property to the allottee. The court treated shares as property in the hands of a shareholder, but held that the company itself was not transferring property by making the allotment. The form was therefore correctly treated as an agreement, and stamp duty as on a conveyance was not exigible. Case-Laws Companies Law Thu, 19 Nov 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96731