BHARATIA PULVERISERS PRIVATE LIMITED KOMMUGUDA ASIFABAD MANDAL Vs. SUB REGISTRAR OF ASSURANCES ASIFABAD ADILABAD

JUDGEMENT

(1.) In this writ petition a mandamus is sought questioning the action, of the respondents in demanding deficit stamp duty of Rs.2,30,000.00 by fixing the fair market value of Rs.20,00,000.00 for the property purchased under public auction from the Andhra Pradesh State Financial Corporation (APSFC) for a sum of Rs.5,00,000.00 as arbitrary and illegal and seeks such other directions deemed fit and proper in the circumstances of the case.

(2.) Before adverting to the main controversy raised in this writ petition on the question as to whether initiation of proceedings under Section 47A of the Indian Stamp Act, 1899 (for short 'the Act') by the respondents is proper, it would be appropriate to appraise the facts of the present case.

(3.) The petitioner is a private limited company incorporated under the provisions of the Companies Act, 1956 and is engaged in the business of manufacturing cement. One M/s Sri Satyanarayana Swamy Cements and Chemicals Private Limited had taken term loans of Rs,30.00 lakhs, Rs.16.30 lakhs and Rs.7.00 lakhs from the Andhra Pradesh State Financial Corporation by mortgaging title deeds of the immovable properties owned and possessed by it, particularly the land bearing Sy.Nos.3/A and 4/A, admeasuring Ac.7.43 cents situated at Kumuguda village, Asifabad Mandal, Adilabad District. The said property was registered with Sub-Registrar, Asifabad, Adilabad District, as document No.144/1984 dated 4-4-1984.