F. I. REBELLO, J.

( 1 ) RULE. Heard forthwith.

( 2 ) THE petitioner entered into an agreement with M/s Diamond Creek dated 19th July, 1980. By that agreement M/s Diamond Creek agreed to acquire, assign and transfer all the benefits of the Agreement dated 13th November, 1978 between M/s Unique Enterprises (India) and M/s Diamond Creek together with right to occupy, enjoy and possess the premises. The price was set out. The transaction was to be completed within 15 days of the Agreement. The petitioner lodged the agreement with the Collector for an endorsement whether the document was properly stamped. On 5th March, 2003 the petitioner received a demand notice by hand delivery informing that the agreement submitted was impounded under section 32 of the Bombay Stamp Act, 1958. The petitioner was called upon to pay a sum of Rs. 87,200/- as stamp duty and Rs. 1,74,000/- as penalty, thus aggregating to a sum of Rs. 2,61,600/ -. It is the case of the petitioner that she informed the respondents that the demand was illegal as the amendment by way of explanation to Article 24 of Schedule I to the Bombay stamp Act, 1958 came into force on 9th December, 1985 and the execution of the a