Stamp duty cannot be levied based on speculative future use or potential market value

Indo Continental Hotels And Resorts Pvt. Ltd. Vs State of U.P. (Allahabad High Court)

In the case of Indo Continental Hotels And Resorts Pvt. Ltd. vs. State of U.P., the Allahabad High Court addressed the issue of stamp duty deficiency imposed on a vacant industrial plot purchased by the petitioner. The plot, declared industrial land with no adjacent commercial activity, was initially subject to stamp duty based on its industrial status. However, authorities later argued that the plot had commercial value due to its proximity to certain establishments, prompting proceedings under S

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