V.K. GARG Vs. ADDL. DISTRICT MAGISTRATE

JUDGEMENT

(1.) HEARD Sri A. Rab for the petitioner and Sri N.C. Gupta on behalf of the State. The petitioner has challenged the order passed by the Commissioner under section 47A of Stamp Act by which deficiency of stamp due has been shown to the extent of Rs. 2,55,969/ -. The property in dispute has been given to the petitioner on lease for a period of 99 years. The authorities concerned have treated it as a transfer of property and it has been assumed as sale deed. Since the matter in issue relates to the applicability of the provision of section 47A(1)(a) of the Indian Stamp Act which reads as under:

(2.) THE question raised that there will be no application of section 47A as according to the old Act when property was leased out "market value" of the property was not mentioned and the same has been introduced by way of amendment with effect from 25.4.2001.