Hon’ble Pankaj Mithal, J.—A lease is chargeable to stamp duty under the provision of the Indian Stamp Act (hereinafter referred to as “the Act”) in accordance with Article 35 of Schedule 1-B of the Act.

2. Article 35 of the Schedule 1-B of the Act provides for stamp duty on the lease as under:

“35. Lease, including an under-lease or sub-lease and any agreement to let or subject—

(a) where by such lease the rent is fixed and no premium is paid or delivered—

(i) .......

(ii) .......

(iii) ........

(iv) ........

(v) where the lease purports to be for

a term exceeding twenty years but

not exceeding thirty years

(vi) where the lease purports to be for

a term exceeding thirty years or in

perpetuity or does not purport to be

for any definite term

3. Under clause (v) on a lease which purports to be for a term exceeding twenty years but not exceeding thirty years stamp duty as a conveyance for a consideration equal to six times the amount or value of the average annual rent reserved is payable, whereas under clause (vi) where the lease purports to be for a term exceeding 30 years or in perpetuity the stamp duty as a conveyance equal to market value of the property which is subject of the lea