A Scheme of Amalgamation of one M/s. Usman Paper Mills with the petitioner company was sanctioned under Sections 391 and 394 of the Companies Act, 1956 by the Company Court by common order dated 29th October, 2004 passed in Company Petition No.04 of 2004 and Company Petition No.05 of 2004. In view of definition of “conveyance” in Section 2(g)(iv) of the Bombay Stamp Act, 1958 (now the Gujarat Stamp Act, 1958), the order was liable to payment of stamp duty, in respect of the properties and assets of transferor company conveyed to and in the name of transferee company, as per Article 20(c) of the Schedule I to the Act. Copy of order was presented before the stamp authority for payment of stamp duty. The stamp authorities took view that the same was presented after period of one year contemplated under Section 40 of the Stamp Act.

2. The Collector and Superintendent of Stamps by his order dated 03rd July, 2008 required the petitioner to pay deficit stamp duty amount of Rs.05,89,340/- under Article 20(d) and Rs.01,00,000/- towards penalty under Section 39(1)(b) of the Act. Petitioner's Revision thereagainst filed under Section 53(1) of the Act was also dismissed.

2.1 The petiti