RAYMOND LTD Vs. STATE OF CHHATTISGARH

JUDGEMENT

(1.) Interpretation and application of Sections 31, 32 and 56 of the Indian Stamp Act, 1899 (for short "the Act"), as amended by the State of Madhya Pradesh, and are applicable in the State of Chhattisgarh is in question in this appeal which arises out of a judgment and order dated 10.09.2003 passed by a learned Single Judge of the Chhattisgarh High Court in Writ Petition No. 2451 of 2003.

(2.) Appellant No. 1 herein is a public limited company incorporated under the Companies Act, 1956. It had its cement division in the State of Madhya Pradesh in the year 1982. It intended to sell the same in favour of one Lafarge India Ltd. on "slump-sale" basis. The State of Chhattisgarh was carved out of the State of Madhya Pradesh in November, 2000. With a view to pre-assess the stamp duty payable on the instrument of sale and the impact thereof, an application was filed by the appellants for adjudication of the Collector in terms of Section 31 of the Act which occurs in Chapter III thereof. A report of a chartered designated valuer was enclosed with the said application.

(3.) The Collector of Janjgir District, on receipt of the said application, formed a Valuation Committee comprising of Sub-Divisional Officer (Revenue) as Chairman, Sub-Divisional Officer (Building and Roads) PWD, Sub-Divisional Officer (Forest), Champa, Assistant Mining Officer, Janjgir-Champa and District Registrar, Janjgir- Champa as members to inspect the properties and submit an independent report in regard to the valuation of the properties sought to be transferred. The Valuation Committee assessed the same at Rs. 42, 18,31,288/-. Pursuant to or in furtherance of the said report, the stamp duty chargeable on the instrument under Section 31 of the Act was assessed by the Collector at Rs. 3,74,90,300/- and registration charges of Rs. 33,75,601/-. The said order was accepted by the appellants and the amount of stamp duty and the registration charges was deposited. An endorsement on the deed of conveyance was made by Respondent No. 2 on 16.01.2001 by way of a certificate in terms of Section 32 of the Act whereupon the instrument was duly stamped.