M KAMAKSHAMMA Vs. M SARASWATHI DEVI

JUDGEMENT

(1.) A reference to this Court has been made by a learned single Judge of this Court by an order dated 8-10-2001: Whether the stamp duty and penalty leviable under Explanation I of Article 47-A can be levied only on the portion of the amount paid, in view of the recitals made in an agreement of sale coupled with delivery of possession or is leviable on the total consideration specified in the agreement of sale though a portion of the sale consideration is payable at a future date i.e., on the date of execution of a registered sale deed.

(2.) An agreement of sale was entered into on 17-10-1996 whereby and where under an amount of Rs. 1,00,000/- out of a total consideration of Rs. 1,40,000/- was paid by way of advance and later on 20-3-1997 the sale deed was executed. Submissions:

(3.) Mr. O. Manohar Reddy, the learned Counsel appearing on behalf of the petitioner contends that the Court below erred in law in holding that the document dated 17-10-1996 is a sale deed only on the ground that the possession has been delivered to the petitioner and that the Court below ought to have seen that mere delivery of possession of the property to the agreement holder does not convert the agreement of sale into a sale deed.