TaxTMI 
TaxTMI 
1994 (1) TMI 303
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....d for registration with the Sub-Registrar of Assurance at Bombay. The document of cancellation was executed on a stamp paper of Rs. 10/-. The Sub-Registrar of Assurances, being of the opinion that the stamp duty prescribed under article 25 of Schedule I to the Bombay Stamp Act, 1958 ("the Act") was applicable, forwarded the same to the Assistant Stamp Superintendent, Bombay. The Assistant Stamp Superintendent, Bombay held that stamp duty under Art. 258 of Schedule I to the Act was charge-able on the deed of cancellation in question. As it was executed on a stamp paper of Rs. 10/-, the Assistant Stamp Superintendent determined the deficient stamp duty at Rs. 2,17,890/-. Penalty of Rs. 21,000/- was also levied. By a letter dated 4 January, 19....
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....within the purview of Art. 25 if the possession was transferred to the purchaser before the execution or at the time of execution or after execution of such agreement without executing the conveyance in respect thereof. By the 1988 amendment even agreement to sell where the possession of any property was agreed to be transferred to the purchaser without amounting the conveyance in respect thereof was also included within the expression "conveyance" for the purpose of chargeability of stamp duty. 3-4. The contention of the respondents is that the cancellation of agreement of sale in this case amounts to re-conveyance of the property by the purchaser to the owner with when the agreement to sell had been originally entered into. Reliance is....
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....structed. Only the plans had been finalised and approved and it was on the basis of those plans that the agreement for sale had been executed. My attention was also drawn to clause 20 of the agreement for sale, more particularly sub-clauses (c)(d)(e) and (f) thereof which read as under: "(c) It is specifically declared that the possession of the said premises is not transferred to the flat-holder before the execution, or at the time of execution or after the execution of this Agreement without executing the Conveyance in respect thereof. (d) Conveyance if any to be executed in pursuance hereof shall be completed at or before the time of handing over of possession of the said premises. (c) In the event however the ....
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....to reconveyance of the property. It is well-settled that a contract for sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties. It does not, of itself, create any interest in or charge on such property. It is thus clear that an agreement for sale is merely a document creating a right to obtain a not her document of sale on fulfilment of terns and conditions specified therein. It does not, of itself, create any interest in or charge on such property. On the strength of such an agreement a buyer does not become the owner of the property. The ownership remains with the seller. It will get transferred to the buyer only on execution of the sale deed by the seller. What the buy....