2000 (7) TMI 921

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....al Tower Promises Co-operative Society Ltd. As such member the 1st Appellant was the holder of 5 shares each bearing distinctive Nos. 711 to 715. As such member the 1st Appellant was in occupation of office premi es No. 904 on the 9th floor of the building known as Dalamal Tower situated at 211, Nariman Point, Bombay 400 021. By an Instrument dated 31st March, 1986 the 1st Appellant transferred in favour of Appellants Nos. 2, 3, 4, 5 and 6 the said 5 shares fo a consideration of Rs. 9,46,900/-. The said Instrument of Transfer, inter alia, set out that the Dalamal Tower Premises Co-operative Society Ltd. was the owner of the building Dalamal Tower; that the 1st Appellant was a member of the said society hold ng the said 5 shares; that one of....

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....Bombay to have the said letter quashed. They also sought directions against the Superintendent of Stamps and the State of Maharashtra to desist and forbear fr m charging, demanding or recovering stamp duty on the said form of Transfer of shares, or from proceeding on the basis that the form of Transfer of shares was not duly stamped and, thus, liable to be impounded. The Appellants contended that the instrum nt of transfer was a document transferring the shares held in a body corporate and was thus not within the purview of the Bombay Stamp Act, 1958. They also contended that the levy of stamp duty on transfer of shares in a co-operative society fell excluively within Entry 91 of List I of the Seventh Schedule to the Constitution of India. ....