INR 25 Crore Limit Not Applicable to Additional Duty Under Section 3B: Karnataka HC

Prestige Exora Business Parks Limited Vs State of Karnataka (Karnataka High Court) Karnataka High Court held that statutory upper limit of maximum stamp duty INR 25 crores under the Karnataka Stamp (Second Amendment) Act, 2022 is not applicable to the additional duty levied under section 3B the Karnataka Stamp Act, 1957. Facts- The National Company Law Tribunal, by its order dated 22.04.2022, sanctioned a scheme of arrangement between Prestige Exora Business Parks Limited and Pluto Cessna Business Park Private Limited, along with their respective shareholders and creditors. Under this scheme, ...