Adjudication of Stamp Duty and Registration Fees to be on basis of "Sale Certificate" issued by Court in public auction.
REAL ESTATE UPDATE Issue: Whether stamp duty and registration fees payable on an immoveable property (purchased through court-sale) is required to be assessed on the purchase consideration as per the Sale Certificate issued by the Court or as per the basis of the market value assessed by Registering Officer independently? Reply: The Supreme Court by a common Judgement in the matter of : (i) Civil Appeal No.8281 of 2022 - SLP (C) 21405 of 2010 - Registrar of Assurances & Anr. -Vs- ASL Vyapar Pvt. Ltd. & Anr. With (ii) CIVIL APPEAL NO.8282 OF 2022 - SLP (C) No. 22197 of 2010 has held that that in case of a public auction monitored by the court, the discretion would not be available to the Registering Authority/Registering Officer under Section 47A of the Act. Analysis The Appeals before the Supreme Court have been preferred by the Registering Authority of the State of West Bengal against the judgment dated 13.05.2010 in W.P....