Nuvoco Vistas Corporation Limited Vs State of Chhattisgarh Through The Secretary (Chhattisgarh High Court)
Chhattisgarh High Court held that questioning jurisdiction and authority of collector of Stamps for market value of property transferred under Income Tax Act not permissible since already accepted by petitioner. Accordingly, writ appeal sans merit is dismissed.
Facts- The Respondent No. 3 owned a Cement Plant. The Petitioner No. 1 decided to purchase the said Cement Plant under the terms and conditions settled between them. It was agreed by the parties that the immovable properties would be transferred by a deed of conveyance under the provisions of the relevant law. Respondent No. 3 made an application in Form 34A of the Income Tax Act, 1961 for approval as required u/s. 230A of the Act, 1961. Cost of the property was mentioned as Rs. 44,45,78,549/- and value of assets which was to be transferred through the deed of conveyance was mentioned as Rs. 36,11,15,305/-. Thereafter, on 14-09-1999, Respondent No. 3 wrote a letter to the District Registrar, Raipur, to provide sufficient stamp duty in the franking machine so that it may be put in the conveyance deed instead of annexing the non-judicial stamp.
The certificate issued u/s. 230A of the Act, 1961 dated 10-08-1999 was sent to the District Registrar/Collector of Stamps, Raipur which was received by the Deputy Registrar on 01-10-1999. It is submitted that Respondent No. 2 constituted a committee for the assessment of the market value of the property, which was to be transferred through the deed of conveyance.
