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Corporate Law - Indian Stamp Act (ISA) amendments were made effective from 1st July 2020. The said amendments on one hand brought in rationalization in charging of duties on issue & transfer of securities for pan India transactions & on the other hand done away with the concepts of duty on securities certificates, letter of allotment, instrument of trans...
Read MoreCorporate Law - INTRODUCTION The government of India through the Finance Act, 2019 bought 360-degree change under the Indian Stamp Act, 1899(hereinafter called as Stamp Act). Though there are numerous reasons for amending Stamp Act, some of the reasons are very explicit and some of them are not. However, no one can deny the fact that Stamp Act […]...
Read MoreCorporate Law - The decision of Arbitral Tribunal is termed as ‘Arbitral Award’ under the Arbitration and Conciliation Act, 1996 ( Arbitration Act). Pursuant to Section 28(2) of the Arbitration Act, the Arbitral Tribunal shall decide ex aequo et bono [in justice and in good faith] or as amicable compositeur only if the parties expressly authorised it...
Read MoreCorporate Law - Frequently Asked Questions (FAQs) on Indian Stamp Act, 1899 Amendments and Rules made thereunder Q.1 Why amendments in the Indian Stamp Act, 1899 have been made? Answer: The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has ...
Read MoreCorporate Law - The amended provisions of the Indian Stamp Act, 1899 brought through Finance Act, 2019 and Rules made thereunder shall come into force w.e.f 1st July, 2020. The changes are summarised as follows: 1. The amendments to the Stamp Act, 1899 deals with the duty levied upon the transactions carried out in the security market as […]...
Read MoreCorporate Law - Government broadens pertinence of stamp duty by 3 months from 1st April 2020 to 1st July 2020 The administration has not broadened the current 2019-20 financial year and it will end as planned on March 31, the finance minister said on 30th March 2020. Press Trust of India incorrectly revealed that the new financial year will begin fro...
Read MoreCorporate Law - The Department of Revenue, Ministry of Finance, has released the draft Amendment Bill (“Bill”) containing the proposed amendments in the Indian Stamp Act, 1899 (“Act”). Changes are proposed in numerous provisions of the century old enactment. The Bill has been sent to all the State Governments for obtaining their views and the sam...
Read MoreCorporate Law - The Madras High Court has held that an instrument, whether a certificate of sale or sale deed, issued in a public auction of properties, was chargeable with stamp duty under Article 18 read with Article 23 of Schedule I to the Indian Stamp Act, 1899....
Read MoreCorporate Law - Thus, for the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in such a way that the approval should be granted/rejected within 3/4 months on the lines of...
Read MoreCorporate Law - The Law Commission is in favour of amending the country's archaic Indian Stamp Act 1899 and the Court-fees Act 1870, which entail payment of stamp duty on instruments and court-fee on documents to be filed in courts only in the form of adhesive stamps or stamped papers.Taking up the obsolete statutes suo motu for a thorough study, the Law...
Read MoreBrilliant Foundation Vs State of Madhya Pradesh and others (Madhya Pradesh High Court) - In the present case, respondent rejected the refund of excess amount of stamp duty paid on the ground that the said provision does not apply to the case of the petitioner/company as ad-valorem duty was paid at 1% and not at 5% of the market value....
Read MoreCrystal Construction Company Vs Additional Controller of Stamps (Bombay High Court) - Collector of Stamps committed a manifest error in not at all adverting to the fact that the Charity Commissioner had determined the value of the trust property by following requisite process to ensure the best value, and determining the market value of the trust property on the sole premise that the...
Read MoreSri B R Jagadhish Vs District Registrar & Deputy Commissioner for Stamps (Karnataka High Court) - Deputy Commissioner for Stamps (DC) erroneously directed assessee to pay stamp duty under Article 28(a) of the Stamp Act without properly examining the recitals of the document where the relationship of the donor and the donee was clearly mentioned and without looking into the provisions of Sections...
Read MoreThe Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court) - The Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court) The bench noted that, in the present case, the deed is used in the State of Maharashtra for registering a charge by lodging a verified copy of the deed in the office of the Registrar of Companies in accordance with sections...
Read MoreIndian broadcasting foundation vs state of maharashtra and ORS (Supreme Court of India) - Argument that it affects the freedom of press and freedom of speech and expression as enshrined under Article 19(1) (a) of the Constitution of India, is mercurial proponement because levy of stamp duty has nothing to do with the concepts that have been highlighted by the learned counsel for the peti...
Read MoreRelease ID: 1635399 - (30/06/2020) - Implementation of Amendments in the Indian Stamp Act, 1899 and Rules made from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments...
Read MoreNotification No. S.O. 1226(E). - (30/03/2020) - Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notificati...
Read MoreNotification No. G.S.R. 226(E) - (30/03/2020) - Today Government notifies Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) (Second Amendment) Rules, 2020 which further amended further amend the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositor...
Read MoreS.O. 115(E), S.O. 116(E), S.O. 117(E) - (08/01/2020) - Central Government appoints 01.04.2020 instead of 9 day of January, 2020, as the date on which the provisions of Part I of Chapter IV related to Amendments to Indian Stamp Act, 1899 which were notified by Finance Act, 2019 (7 of 2019). MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Del...
Read MoreNotification No. G.S.R. 901(E) - (10/12/2019) - (1) These rules may be called the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019. (2) They shall come into force on the 9 day of January, 2020....
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Release ID: 1635399 - (30/06/2020) -
Brilliant Foundation Vs State of Madhya Pradesh and others (Madhya Pradesh High Court) -
Crystal Construction Company Vs Additional Controller of Stamps (Bombay High Court) -
Notification No. S.O. 1226(E). - (30/03/2020) -
Notification No. G.S.R. 226(E) - (30/03/2020) -
S.O. 115(E), S.O. 116(E), S.O. 117(E) - (08/01/2020) -
Sri B R Jagadhish Vs District Registrar & Deputy Commissioner for Stamps (Karnataka High Court) -
Notification No. G.S.R. 901(E) - (10/12/2019) -
Notification No. S.O. 4419(E). - (10/12/2019) -
The Indian Hume Pipe Co. Ltd. Vs. State of Maharashtra (Bombay High Court) -
Indian broadcasting foundation vs state of maharashtra and ORS (Supreme Court of India) -
