https://www.taxtmi.com/caselaws?id=457059 Stamp duty on immovable property must be assessed with reference to the land's character and user on the date of execution, not on speculative future potential or anticipated commercial value. A vacant plot recorded as industrial land could not be reclassified as commercial merely because of its location or expected marketability, absent any lawful conversion of land use. On that basis, the demand for stamp deficiency and penalty failed, and the levy was set aside in favour of the assessee. en-us Mon, 04 Sep 2023 00:00:00 +0530 Tue, 03 Sep 2024 22:33:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457059 Stamp duty on immovable property must be assessed with reference to the land's character and user on the date of execution, not on speculative future potential or anticipated commercial value. A vacant plot recorded as industrial land could not be reclassified as commercial merely because of its location or expected marketability, absent any lawful conversion of land use. On that basis, the demand for stamp deficiency and penalty failed, and the levy was set aside in favour of the assessee. Case-Laws Indian Laws Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457059