DLF HOME DEVELOPERS LIMITED Vs. CHIEF CONTROLLING REVENUE AUTHORITY AND INSPECTOR GENERAL OF REGISTRATION

JUDGEMENT

(1.) Challenging the order of the first respondent imposing stamp duty on Security Deposit retained by the Lessor together with the property tax undertaken to be paid by the Lessee, the above appeal has been preferred.

(2.) The appellant is the Lessee. M/s Madras Race Club originally by a registered Lease Deed bearing document No.709/2007 executed a lease in favour of the appellant for developing shopping Malls and/or Commercial complexes for a period of four years commencing from January 2007 to 31st December 2010. The Lease was extendable at the option of the lessee for a further period not exceeding 62 years with a covenant that the extension shall be registered by a separate deed without additional cost, but as the agreed monthly lease rent specified in the deed.

(3.) As per Clause 7 of the lease deed a sum of Rs.60,00,00,000/-( Rupees sixty crores only) was paid by the lessee to the Lessor as interest free refundable security deposit. It is relevant to extract Clause 7, for the purpose of analyzing the impugned order.