https://www.taxtmi.com/caselaws?id=313243 A High Court-sanctioned amalgamation scheme can fall within the Bombay Stamp Act definitions of "conveyance" and "instrument" because it effects transfer of property through a compromise or arrangement, so stamp duty may be levied on the instrument and not on the judicial act itself. The challenge to section 2(g)(iv) and the levy therefore failed. For valuation, an amalgamation transfers the undertaking as a going concern, so stamp duty must be computed on the consideration reflected in the share exchange ratio or other scheme consideration, not by separately valuing the transferor's assets and liabilities. The separate asset-and-liability method was disapproved. en-us Mon, 19 Feb 1996 00:00:00 +0530 Tue, 02 Apr 2024 11:10:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313243 A High Court-sanctioned amalgamation scheme can fall within the Bombay Stamp Act definitions of "conveyance" and "instrument" because it effects transfer of property through a compromise or arrangement, so stamp duty may be levied on the instrument and not on the judicial act itself. The challenge to section 2(g)(iv) and the levy therefore failed. For valuation, an amalgamation transfers the undertaking as a going concern, so stamp duty must be computed on the consideration reflected in the share exchange ratio or other scheme consideration, not by separately valuing the transferor's assets and liabilities. The separate asset-and-liability method was disapproved. Case-Laws Companies Law Mon, 19 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313243