NDLI: Shanti Bhushan (d) Thr. Lr. & Ors Vs. State of U.p. and Ors

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	1899 Stamp Act
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Constitution of India, Indian Stamp Act, 1899 (2 of 1899)
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Stamp Act, 1899 – ss. 31,32, 47-A and Art. 23 of the Schedule IB – Market Value of property – Determination of – A property was purchased by the appellants under a registered sale deed from the vendor – Appellants were already in possession land as tenants – The appellants calculated Rs. 6,67,200/-as the market value of the property and paid the stamp duty quantified at Rs. 46,700/- – The Assistant Stamp Collector, held that the market value of the land will have to be calculated at the rate of Rs. 24,000/per sq. meter – Thus, on the date of the sale deed, the market value of the sale deed property was Rs. 19,23,08,305/- on which stamp duty of Rs. 1,34,61,630/- was payable – Appellants were directed to pay a deficit stamp duty along with penalty and the interest – The appellants preferred an appeal against the order of Assistant collector, which was dismissed by the Appellate Authority – The above orders were challenged before the High Court – The High Court affirmed the market value fixed by the authorities but set aside the demand for penalty – On appeal, held: Stamp duty on a conveyance will be payable as per the market value prevailing on the date of conveyance unless consideration shown therein is more than the prevailing market value – The market value fixed by appellants was fixed by adopting method used for levy of property tax under the Municipal laws, such a value cannot be taken as basis for determining the market value for the purpose of Art. 23 – Further, a property in possession of a tenant will fetch lesser value in the open market than the market value of a similar property exclusively in possession of the vendor as the buyer will not get actual possession of the portion of the property in possession of the tenant – The market value can be determined by the comparison method even in case of a property in possession of tenants – If no comparable instances are found, the market value can be fixed of the property in possession of tenants by making an appropriate deduction from the market value of a comparable property in which there are no tenants – Even if the guidance value of Rs. 24,000/- per sq. meter is to be taken as the market value of the sale deed land, necessary deductions will have to be made from the market value as the appellants were already in possession of the sale deed land as tenants – The extent to which deduction can be made will depend upon the nature of the tenancy and other material factors – Case sent back to the Assistant Stamp Collector for determination of the market value of the sale deed land. Stamp Act, 1899 – Interpretation of – In interpreting a taxing statute, equitable considerations cannot be applied – The rule of literal construction must be applied while interpreting a taxing statute – It must be interpreted in terms of the natural construction of the words used – There is no scope to imply anything which is not expressly provided.
Judge	Hon'ble Mr. Justice Abhay.S. Oka
Neutral Citation	2023 INSC 425
Petitioner	Shanti Bhushan (d) Thr. Lr. & Ors
Respondent	State Of U.p. And Ors
SCR	[2023] 6 S.C.R. 513
Judgement Date	2023-04-25
Case Number	8388

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