AXAYRAJ BUILDWELL PVT. LLTD Vs. STATE OF MAHARASHRA

JUDGEMENT

(1.) Rule. Rule is made returnable forthwith. With the consent of the parties, petition is taken up for hearing.

(2.) By this petition, Petitioner has challenged the Notice dtd. 3/9/2015 issued by Sub-Registrar and Order dtd. 31/5/2021 and Demand Notice dtd. 13/10/2021 issued by the Collector of Stamps, Andheri demanding deficit stamp duty of Rs.22,56,010.00 and penalty of Rs.87,08,200.00.

(3.) Briefly stated, facts of the case are that Petitioner is a Developer and entered into Development Agreement with 'D.N. Nagar Shree Ashtavinayak Co-operative Housing Society Limited' on 6/9/2005, under which, he agreed to carry out redevelopment of the Society's building on terms and conditions more particularly described in the Development Agreement. It is Petitioner's case that the Development Agreement was lodged for registration and Petitioner was called upon to pay stamp duty of Rs.8,42,000.00 thereon. Petitioner accordingly paid stamp duty of Rs.8,42,000.00 and the Agreement came to be registered in the office of the Sub-Registrar, Andheri- 3 on 7/10/2005. It is Petitioner's case that in pursuance of the Development Agreement, it has completed the redevelopment of society's building by constructing a new building and has already sold flats/shops/offices coming to its share in the sale component of the reconstructed building.