https://www.taxtmi.com/caselaws?id=757993 MP HC partially allowed petition challenging stamp duty assessment on NCLT Allahabad order. Court held NCLT order constitutes chargeable instrument under Indian Stamp Act, with liability arising when instrument received in MP on 29-6-2017, not execution date. Petitioner not entitled to Rs 25 crore cap benefit as notification came after relevant date. Court upheld 5% stamp duty on immovable assets and 10% Upkar Cess but quashed stamp duty on movable properties as no charging provision exists. Janpad Cess at 1% on immovable asset value affirmed. Matter remanded for penalty recalculation excluding cess amounts. en-us Mon, 12 Aug 2024 00:00:00 +0530 Fri, 06 Sep 2024 08:18:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757993 MP HC partially allowed petition challenging stamp duty assessment on NCLT Allahabad order. Court held NCLT order constitutes chargeable instrument under Indian Stamp Act, with liability arising when instrument received in MP on 29-6-2017, not execution date. Petitioner not entitled to Rs 25 crore cap benefit as notification came after relevant date. Court upheld 5% stamp duty on immovable assets and 10% Upkar Cess but quashed stamp duty on movable properties as no charging provision exists. Janpad Cess at 1% on immovable asset value affirmed. Matter remanded for penalty recalculation excluding cess amounts. Case-Laws Indian Laws Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757993