https://www.taxtmi.com/caselaws?id=155736 An instrument transferring leasehold rights was treated as an assignment of lease, not a conveyance or sale, because its character had to be determined from the substance of the lease covenants and reversionary rights. As a result, Article 63 of Schedule 1-B applied, stamp duty was payable on the consideration stated in the deed, and Section 47-A could not be invoked because that provision applies only where duty is chargeable on market value. On the facts, the relevant date for fixing consideration was the earlier agreement to transfer, since the transferees were not responsible for the delay in execution or registration. en-us Wed, 15 Apr 2009 00:00:00 +0530 Wed, 11 Sep 2013 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155736 An instrument transferring leasehold rights was treated as an assignment of lease, not a conveyance or sale, because its character had to be determined from the substance of the lease covenants and reversionary rights. As a result, Article 63 of Schedule 1-B applied, stamp duty was payable on the consideration stated in the deed, and Section 47-A could not be invoked because that provision applies only where duty is chargeable on market value. On the facts, the relevant date for fixing consideration was the earlier agreement to transfer, since the transferees were not responsible for the delay in execution or registration. Case-Laws Indian Laws Wed, 15 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155736