This case deals with the levy of deficit stamp duty and penalty ...

Court Rejects Excess Stamp Duty on Court-Auctioned Properties.

Case Laws Indian Laws

October 29, 2024

This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp authorities cannot determine the true market value of the property sold and levy stamp duty based on that valuation. Once the bid is accepted by the court-appointed committee and the sale is confirmed at the bid price, which is above the reserve price, that price is considered the market value. The Supreme Court has conclusively held that in a court auction, the registering authority cannot question the market price determined by the court's sale process, as it would amount to sitting in appeal over the court's decision. The transparent court auction process is considered one of the best methods to determine market value. The High Court allowed the petition based on the Supreme Court's ruling in ASL Vyapar Pvt Ltd and its own decision in Spectrum Constructions.

View Source

← Previous Next →

This case deals with the levy of deficit stamp duty and penalty ...

Court Rejects Excess Stamp Duty on Court-Auctioned Properties.

Case Laws Indian Laws

October 29, 2024

You may also like:

The appeal challenges the liability to pay stamp duty and penalty on agreements executed prior to the sale deed for two properties. The court determined the real...

Trial Court did not judicially determine admissibility of insufficiently stamped instrument, merely exercising inherent power u/s 151 CPC to prevent abuse of process....

Levy of stamp duty on schemes of amalgamation or restructuring - The High court found that orders of the court sanctioning amalgamation/restructuring, along with the...

Penalty imposed by the Settlement Commission u/s 271(1)(c) - The petitioner argued against the penalty, citing lack of mens rea and the absence of evidence showing...

Cancellation of allotment of land on the basis of an alleged false affidavit - Hindu Undivided Family (HUF) property - the petitioner argued that the Defence Colony...

The court dismissed the petition challenging the auction process for sale of the property and seeking refund of the purchase price paid by the petitioner as the...

Addition u/s 56(2)(vii) r.w.s. 69 - difference between the purchase price i.e. circle rate/stamp duty value and the value determined by the DVO - This section can be...

The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

100% EOU - Denial of benefit of exemption - violation of input output norms - excess generation of waste and scrap - The Tribunal, citing precedent and the...

The High Court correctly distinguished between the jurisdiction vested in every person or public office and the District Registrar in determining penalty on...

Legislative Competence to Levy of stamp duty on ‘Bill of Entry’ (BoE) and on Delivery Orders (DO) - goods imported in Maharashtra - seek refund paid on stamp duty - The...

Revision u/s 263 - error noted by the CIT that sale of properties by the assessee during the year was not examined by the AO vis-à-vis its stamp duty value for the...

Concession agreement constitutes a lease u/s 105 of the Transfer of Property Act, 1882 and Section 2(16) of the Indian Stamp Act, 1899. Stamp duty payable on the amount...

Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

The case before the Allahabad High Court involved the jurisdiction of the Collector (Stamp) to recall or review an order under Section 47-A of the Indian Stamp Act,...

Quick Updates: