https://www.taxtmi.com/caselaws?id=459433 A Gujarat High Court commentary explains that a demerger can fall within "reconstruction" under Article 20(d) of Schedule I of the Gujarat Stamp Act, 1958, so a scheme sanctioned under Sections 391 to 394 of the Companies Act, 1956 may attract stamp duty as a conveyance under Section 2(g). It also notes that the valuation mechanism in Explanation III to Article 20(d) requires shares issued under the scheme to be valued at market value, not face value. On that reasoning, the scheme was treated as chargeable to duty and the market value method was applied. en-us Tue, 26 Nov 2013 00:00:00 +0530 Fri, 13 Dec 2024 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459433 A Gujarat High Court commentary explains that a demerger can fall within "reconstruction" under Article 20(d) of Schedule I of the Gujarat Stamp Act, 1958, so a scheme sanctioned under Sections 391 to 394 of the Companies Act, 1956 may attract stamp duty as a conveyance under Section 2(g). It also notes that the valuation mechanism in Explanation III to Article 20(d) requires shares issued under the scheme to be valued at market value, not face value. On that reasoning, the scheme was treated as chargeable to duty and the market value method was applied. Case-Laws Companies Law Tue, 26 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459433