https://www.taxtmi.com/caselaws?id=97056 For stamp duty purposes, the character of an instrument depends on its substance and operative effect, not merely on the scheme under which it is executed. Two transfer deeds executed pursuant to a sanctioned scheme were held to be conveyances because they went beyond implementation of the court-approved arrangement and themselves embodied contractual covenants and consideration, effecting transfer of property inter vivos. They did not satisfy the requirements of composition deeds, as the debtors were not parties and the instruments were not of the kind covered by that article. The deeds were therefore chargeable under Article 23 of Schedule I of the Indian Stamp Act, with assessment of duty and penalty left to the Collector. en-us Tue, 21 Mar 1950 00:00:00 +0530 Fri, 13 Jan 2012 18:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97056 For stamp duty purposes, the character of an instrument depends on its substance and operative effect, not merely on the scheme under which it is executed. Two transfer deeds executed pursuant to a sanctioned scheme were held to be conveyances because they went beyond implementation of the court-approved arrangement and themselves embodied contractual covenants and consideration, effecting transfer of property inter vivos. They did not satisfy the requirements of composition deeds, as the debtors were not parties and the instruments were not of the kind covered by that article. The deeds were therefore chargeable under Article 23 of Schedule I of the Indian Stamp Act, with assessment of duty and penalty left to the Collector. Case-Laws Companies Law Tue, 21 Mar 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97056