Y. SHARANAPPA Vs. BALASU SUBRAMANYAM

JUDGEMENT

(1.) Petitioner is defendant 1 in O.S. No. 10 of 2009. The said suit has been filed by respondents 1 and 2 herein seeking specific performance of the agreement to sell executed by defendant 1 on 13-7-2007. As per the said agreement, 3 acres of land has been agreed to be sold in favour of plaintiffs for sale consideration of Rs. 55,11,000.00. An amount of Rs. 2,01,000.00 was paid on the date of agreement. A sum of Rs. 28,00,000.00 was required to be paid on 31-7-2007.

(2.) The parties further agreed that the Mill which was in existence in a portion of the property had to be put in possession of plaintiffs on 1-8-2007. Sale deed was agreed to be executed on 25-8-2007, on which date balance sale consideration had to be paid. This document was sought to be marked in the evidence of P.W. 1.

(3.) Defendants objected stating that the document was not properly stamped. According to defendants, as the property had been agreed to be put in possession of the purchaser before execution of the sale deed, Art. 5(e)(i) of the Karnataka Stamp Act, 1957 was applicable, therefore, stamp duty payable on a conveyance, calculated on the market value of the property ought to have been paid. It was urged that as the document was not sufficiently stamped, the deficit stamp duty had to be paid along with penalty.