https://www.taxtmi.com/caselaws?id=313220 An auction-cum-lease granting exclusive toll-collection rights for a fixed term against a fixed annual payment was treated as a lease under Section 2(16)(c) of the Indian Stamp Act, 1899, because the statute expressly includes instruments by which tolls are let. The monthly instalments were characterised as lease money for the toll rights, not as security for performance of the contract. The instrument was therefore chargeable to stamp duty under Article 35(b) of Schedule I-B, and not as a security bond under Article 57, which applies only to instruments executed for due performance of an obligation. en-us Thu, 17 Feb 2011 00:00:00 +0530 Mon, 01 Apr 2024 14:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313220 An auction-cum-lease granting exclusive toll-collection rights for a fixed term against a fixed annual payment was treated as a lease under Section 2(16)(c) of the Indian Stamp Act, 1899, because the statute expressly includes instruments by which tolls are let. The monthly instalments were characterised as lease money for the toll rights, not as security for performance of the contract. The instrument was therefore chargeable to stamp duty under Article 35(b) of Schedule I-B, and not as a security bond under Article 57, which applies only to instruments executed for due performance of an obligation. Case-Laws Indian Laws Thu, 17 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313220