https://www.taxtmi.com/caselaws?id=110554 Stamp duty under the Bombay Stamp Act is chargeable only on an identifiable instrument, not on the underlying transaction itself. The article explains that letters of offer and allotment were not debenture certificates, and no separate debenture certificate had been issued, so the State could not levy duty on the allotment or conversion of fully convertible or partly convertible debentures. It also notes the strict approach to stamp law, under which duty cannot be imposed unless the transaction is embodied in a taxable document. Share certificates issued on conversion had already borne the relevant duty, making the additional demands 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 is chargeable only on an identifiable instrument, not on the underlying transaction itself. The article explains that letters of offer and allotment were not debenture certificates, and no separate debenture certificate had been issued, so the State could not levy duty on the allotment or conversion of fully convertible or partly convertible debentures. It also notes the strict approach to stamp law, under which duty cannot be imposed unless the transaction is embodied in a taxable document. Share certificates issued on conversion had already borne the relevant duty, making the additional demands unsustainable. Case-Laws Companies Law Tue, 24 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110554