Judgement Key Points

JUDGMENT - M.P. KANIA, J.:---This petition raises a question as to the levy of stamp duty under the Bombay Stamp Act, 1958, on a document purporting to be an instrument of transfer of shares in a Co-operative Society and also raises the question of legislative competence in the State Legislature on the question of levy of stamp duty as indicated in detail herein below.

2. The 1st petitioners, Hanuman Vitamins Foods Pvt. Ltd. as members of the Dalamal Tower Premises Co-operative Society Ltd. and as holder of five shares therein was in occupation of office premises No. 904 on the 9th floor of the building known as "Dalamal Tower" situate at 211, Nariman Point, Bombay 400 021. By an instrument dated the 31st of March, 1986, the 1st petitioner Nos. 2, 3, 4, 5 and 6 the said five shares of the face value of Rs. 50/- each bearing distinctive numbers 711 to 715 in the capital of the said society for a consideration of Rs. 9,46,900/-. The said instrument of transfer sets out in its body that dalamal Tower Premises Co-operative Society Ltd. is the owner of the building known as Dalamal Tower situate at 211, Nariman Point, Bombay, that the 1st petitioner who is described as the transferor,

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