https://www.taxtmi.com/caselaws?id=110554 Stamp duty under the Bombay Stamp Act attaches only to an identifiable taxable instrument that creates, transfers, limits, extends, extinguishes, or records rights or liabilities. Bare allotment or conversion of fully or partly convertible debentures cannot be charged merely as a transaction where no debenture certificate has been issued. Letters of offer and allotment do not constitute debenture certificates for this purpose. Strict construction of stamp legislation prevents duty from being imposed on the underlying debenture arrangement without a taxable instrument. Duty paid on share certificates issued upon conversion was sufficient, and additional stamp-duty demands were unsustainable. en-us Tue, 24 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 14:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110554 Stamp duty under the Bombay Stamp Act attaches only to an identifiable taxable instrument that creates, transfers, limits, extends, extinguishes, or records rights or liabilities. Bare allotment or conversion of fully or partly convertible debentures cannot be charged merely as a transaction where no debenture certificate has been issued. Letters of offer and allotment do not constitute debenture certificates for this purpose. Strict construction of stamp legislation prevents duty from being imposed on the underlying debenture arrangement without a taxable instrument. Duty paid on share certificates issued upon conversion was sufficient, and additional stamp-duty demands were unsustainable. Case-Laws Companies Law Tue, 24 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110554