https://www.taxtmi.com/caselaws?id=757993 A scheme of arrangement order transferring property can be treated as an instrument chargeable to stamp duty when received in Madhya Pradesh, and chargeability arises on the date of receipt in the State for instruments executed outside the State. A later notification introducing a Rs. 25 crores cap does not retrospectively defeat a liability already attracted. The charging provision was held not to authorise stamp duty on movable assets in the manner adopted by the Collector, so that levy was set aside. Upkar Cess was upheld at 10% on stamp duty, while Janpad Cess was sustained on the value of immovable property. Penalty required fresh computation by excluding cess amounts from the duty base. 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 A scheme of arrangement order transferring property can be treated as an instrument chargeable to stamp duty when received in Madhya Pradesh, and chargeability arises on the date of receipt in the State for instruments executed outside the State. A later notification introducing a Rs. 25 crores cap does not retrospectively defeat a liability already attracted. The charging provision was held not to authorise stamp duty on movable assets in the manner adopted by the Collector, so that levy was set aside. Upkar Cess was upheld at 10% on stamp duty, while Janpad Cess was sustained on the value of immovable property. Penalty required fresh computation by excluding cess amounts from the duty base. Case-Laws Indian Laws Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757993