Stamp Duty on Arbitral Award payable as per Rate Applicable on date of signing Award: Karnataka HC

Shriram City Union Finance Ltd. Vs Mr. Donald Dayanand Donald (Karnataka High Court) Section 17 of the Karnataka Stamp Act provides the time for stamping the instruments. The said provision read as follows: “17. Instruments executed in the State of Karnataka – All instruments chargeable with duty and executed by any person in the State of Karnataka shall be stamped before or at the time of execution.” A plain reading of the said provision of law makes it clear that instruments shall be stamped before or at the time of execution. Therefore, it is an option given to the parties...