Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 54(1)(a) – Art. 20(a) Gujarat Stamp Act 1958 – ss. 9(a) 45(f) of Schedule I |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Gujarat Stamp Act, 1958 – ss. 9(a), 54(1)(a) – Art. 20(a), 45(f) of Schedule I – Deed of assignment containing Power of Attorney (POA) – POA chargeable to stamp duty or not – The Full Bench of the High Court came to conclusion that the appellant (an asset reconstruction company, who was assigned debt by the bank) has to pay stamp duty as fixed by Art.45(f) – High Court opined that merely because the power to sell, forms part of the deed of assignment under Schedule 3, the appellant could not escape the charge of duty and that the PoA is required to be considered independently – On appeal, held: What was presented for registration by the appellant was a single document namely an “Assignment Agreement” – The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, 2002 and not out of an independent instrument of PoA – After having accepted the deed of assignment as an instrument chargeable to duty as a conveyance under Art. 20(a) and after having collected the duty payable on the same, it is not open to the respondent to subject the same instrument to duty once again u/Art. 45(f) – Once a single instrument has been charged under a correct charging provision of the Statute, namely Art. 20(a), the Revenue cannot split the instrument into two, because of the reduction in the stamp duty facilitated by a notification of the Government issued u/s. 9(a) – Since the High Court did not address these issues and went solely on the interpretation of Art. 45(f), the same is unsustainable – The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – ss. 3, 5(1)(b) |
Judge | Hon'ble Mr. Justice V. Ramasubramanian |
Neutral Citation | 2022 INSC 477 |
Petitioner | Asset Reconstruction Co. (india) Ltd. |
Respondent | Chief Controlling Revenue Authority |
SCR | [2022] 4 S.C.R. 1095 |
Judgement Date | 2022-04-26 |
Case Number | 3070 |
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