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N. SATHISH KUMAR
Cybercity Builders and Developers Private Limited Cyber City, Green Hills Road – Appellant
Versus
Inspector General of Registration – Respondent
ORDER :
Challenge has been made to the impugned proceedings dated 01.12.2023, quash the same and direct the first respondent to return the document bearing No.328/2023 pending on the file of third respondent.
2. It is the case of the writ petitioner that the petitioner company sold land admeasuring an extent of 1 acre 12 cents to the 4th respondent. The 4th respondent entrusted the development of the property into a mall to the petitioner and for that purpose a leave and license agreement was entered into between the petitioner and the fourth respondent. The said leave and license agreement stipulated that the object of th deed was about a future lease on a building which would come up in the future with the lease commencing after completion of Building (Estimated completion time-line is Two years from the date of agreement) at a monthly rental of Rs.1,22,50,000/- for a period of nine years starting from 10.08.2026. According to the petitioner, the building itself is intended to be taken on leave and license has not come into existence and the agreement is only a promise to enter into lease once the buildings are put up. The agreement is only for a future transaction between the peti
An agreement for a future lease contingent on construction does not constitute a lease and cannot be impounded for stamp duty until the property exists.
Under the Indian Stamp Act, once a document is found to be insufficiently stamped, the court is duty-bound to impound the document and send it to the Collector for proper assessment and payment of th....
Stamp duty is on instrument and not on transaction – For several documents to form part of a single transaction, there must be a transaction in furtherance of which several other documents are execut....
The main legal point established in the judgment is the interpretation of the nature of the document, the requirement for registration and stamp duty, and the duty of the Court to ensure compliance w....
Documents must be duly stamped to be admissible in evidence; the court has the authority to impound insufficiently stamped documents under the Karnataka Stamp Act.
Suit for Specific Performance – Liability to pay stamp duty – Stamp duty is on instrument and not on transaction – It is immaterial, whether possession of property has been handed over at the time of....
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