ICICI LIMITED Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) ORDER

(2.) THE only narrow question in this appeal is whether in respect of an agreement of lease dated 13/6/1994 executed by the respondents in favour of the appellants, stamp duty under Article 36 of the Bombay Stamp Act, 1958 is payable. Article 36 deals with "lease including an under-lease or sub-lease and any agreement to let or sub-let or any renewal of <PG>234</PG> lease." Explanation III of Article 36 which was in force at the material time, makes it clear that "an agreement of lease shall not be chargeable as a lease unless there is an immediate and present demise".

(3.) CLAUSE 7 of the agreement is as follows: