THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

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The root of all injustice is found in the thoughts/heart of man.Prov. 4:23 When did the events of Adam and Eve’s expulsion from the garden start?Gen. 3:7 While Exod. 20:18 describes coveting in relation to a house, wife and animals, wehave to put coveting into the modern context of money, power, knowledge, sex, sport,etc.What else? How can we live according to God’s Law?Gal. 5:16-18 Yet not all thoughts and desires are sinful. We are allowed to desire doing good ornot to sin, to have that which does not belong to another or to be like God. However,any desire that is negative towards God or our neighbour can turn into sin and mustbe abandoned immediately.What does Paul teach us in Phil. 4:6? How did Jesus resist Satan’s temptations in Matt. 4? Negative desires have to be suppressed with self-control.Gal. 5:22; 1Pet. 2:16 The tenth commandment protects man’s character from sin. The heart and mindmust be guarded against sinful desires. According to Prov. 4:23 we must guard ourhearts more than anything.We must guard our thoughts and the desires of our hearts (Prov. 4:23).Allow God’s Law to be the road markings for a safe path through life. Let’s follow it ingratitude and in so doing exalt God.Bread of Life - 44 -
NotesThe section applies to eight types of deeds (i) conveyance, (ii) exchange, (iii) gift, (iv)certificate of sale, (v) partition, (vi) power of attorney with power to sell immovableproperty for consideration, (vii) deed of settlement, (viii) transfer of lease, being theinstruments on which duty is payable on ad valorem basis on market value of theproperty.Quasi-judicial functionWhile determining market value of the property, the collector's function would be quasijudicialfunction and all principles of natural justice has to be observed. His order must bereasoned order.JT 1996 (6) SC 190 -Smt. Prakshwati v. Chief Controlling Revenue AuthorityUnder UP Stamp Rule, 1942 and section 47A of Stamp Rule.Closeness to posh colony does not of itself make it part thereof.Approach of the authorities was highly vain, casual and unsatisfactory and deters anyconstructive material from where it could be said that decision was fair and reasonable.Factum of closeness to posh locality would not cast any reflection on the price of theproperty.Guidelines are substitute for market valueGuidelines for determining market value of land are no substitute for market value.(Gaurang Naik v. State 1992 Orissa 232).Basic valuation is for collecting stamp duty and guidelines cannot found basis of marketvalue!94-4-S-C-C-595 Jiwaji v. Revenue Officer.Section 32A and Entry 25 of Schedule IWhether an agreement entered into between Builder-Developer and the purchasers of theflats, executed in terms of section 4 of the Maharashtra Ownership Flats (Regulation ofthe Promotion of the Construction, Sale, Management and Transfer) Act, 1963 can besubjected to payment of stamp duty in terms of section 32 A read with Entry 25,Schedule I of the Act, was the issue raised in State 'Maharashtra v. Mahavir LalchandRathod (1993 Mh L.J. 1492) Special Bench of Bombay High court was constituted forthis purpose. Justice Kurdukar observed that, on construction of the agreement inquestion it must be held that although it has been described as an agreement to sell ineffect and for all purposes it is a conveyance falling under section 2(g) of the Act in asmuch as the right, title and interest in the writ flat stands transferred in favour of thepurchaser on payment of installments as provided therein. Even though the document inquestion is an agreement of sale only yet such agreement of sale is dutiable under the Actby virtue of Explanation 1 to Article 25 of schedule I of the Act. There is no clause in theagreement which requires the developer to execute any other deed at a later stage and thisposition militates against the contention of the petitioner. Held that the agreement inquestion is a conveyance and whether possession is given on that date or not is not therelevant and decisive factor. Such a document therefore is liable to stamp duty underArticle 25 in Schedule I of the Act, Entry 25 in Schedule I of the Act is not ultra vires theconstitution of India. It is stamp duty of State and the State Legislature is competent tolegislate in that behalf. Explanation 1 to Article 25 is intended to cover such agreementsof Sale.
Page 2 and 3: Constitutional Position -Law relate
Page 4 and 5: to values of property especially in
Page 6 and 7: If the documents creates an obligat
Page 8: Notification - Addition Officers fo
Page 11 and 12: Agreements entered into before 10 t
Page 13 and 14: 3. The Court was constructed severa
Page 15 and 16: and the value of in question may be
Page 17 and 18: considering the correspondence that
Page 19 and 20: eferred to in Section 47A and Rules
Page 21 and 22: includes an instrument by which a p
Page 23 and 24: 5. Instrument relating to several d
Page 26 and 27: (d)with Securities and Exchange Boa
Page 28 and 29: 2. These words were substituted for
Page 30 and 31: 3 [Provided that the clearance list
Page 32 and 33: 1 [25. How transfer in consideratio
Page 34 and 35: Provided also that, where proceedin
Page 36 and 37: (E) -Duty by whom payable30 . Dutie
Page 39 and 40: Subjective satisfaction to be on ob
Page 41 and 42: 1 [(2) (a) If any officer registeri
Page 43: 1 [Provided further that, in respec
Page 47 and 48: he thinks just and proper; and the
Page 49 and 50: instrument from the party and, afte
Page 51 and 52: Government or where it bears the ce
Page 53 and 54: 37. Instruments impounded how dealt
Page 55 and 56: Subjective satisfaction to be on ob
Page 57 and 58: executed, some other person was bou
Page 59 and 60: (a) the stamp on any paper inadvert
Page 61 and 62: 50. Allowance for misused stamps.(1
Page 63 and 64: (2) The Chief Controlling Revenue A
Page 65 and 66: Under sub-section (2) if the Collec
Page 67 and 68: 1 [(4) Without prejudice to the pro
Page 69: 1 [59A. No prosecution und~ section

THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

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