Hon’ble Rajes Kumar, J.—By means of the present writ petition, the petitioner is seeking the following reliefs :

(a) “Issue an appropriate writ, order and/or direction in the nature of certiorari and/or otherwise passing an order to quash the impugned order dated 28.11.2008 by the respondent No. 3 in stamp appeal No. 152 of 2006-07 whereby the order under appeal dated 12.12.2006 passed by respondent No. 2 has been upheld and consequently also quash the demand of excess stamp duty, penal interest @1.5% per month and the penalty thereon;

(b) Issue appropriate directions declaring that the stamp duty is payable only on the immovable property mentioned in the sale/conveyance deed dated 31.10.2006;

(c) Issue an appropriate writ/order and/or direction in the nature of mandamus directing the Collector/ADM to reassess/recompute the correct stamp duty in accordance to law;

(d) Issue a consequent writ of mandamus or otherwise commanding the respondent to refund the excess stamp duty, penalty and interest (charged beyond Rs. 131,77,12,000/-) alongwith interest till realization;

(e) Dispense with the filing of the originals of the Annexures;

(f) With a further prayer to pass any other additional and/or alternative relief which this Hon’ble Court deems fit and proper in the facts and circumstances of the case;

(g) Allow the writ petition with costs in favour of the petitioner.

The Chief Controlling Revenue Authority (hereinafter referred to as the “Appellate Authority”) vide order dated 28.11.2008 rejected the appeal against the order of the A.D.M. (Finance & Revenue), Shahjahanpur (hereinafter referred to as “A.D.M.”) dated 12.12.2006 in Stamp Case No. 115 of 2006. The A.D.M. has raised the demand towards stamp duty amounting to Rs. 26,08,59,300/-, penalty Rs. 1,40,700/- and interest @1.5% per month.

2. The brief facts giving rise to the present writ petition are as follows :

(i) The petitioner is a Company incorporated under the Indian Companies Act, 1956 having its registered office at C-165, 1st Floor Naraina Industrial Area, Phase-1, New Delhi.

(ii) Krishak Bharati Co-operative Ltd. (in short KRIBHCO) is a Company in which Government of India holds more than 50% equity shares and in turn holds 85% shares in the petitioner’s Company. Thus, it is a Government Company under Section 617 of the Indian Companies Act.

(iii) M/s Shyam Basic Infrastructure Projects Pvt. Ltd. (in short SHYAM) is a Company incorporated under the Indian Companies Act. It entered into an agreement on 3.11.2005 with Oswal Chemical Fertilizers Ltd. (in short OCFL) another Company to purchase the assets of OCFL, both movable and immovable properties, for a consideration of Rs. 1900 crores.

(iv) The agreement to sale provides that SHYAM includes its successors in interest, any other existing or to be incorporated body corporate of SHYAM group and permitted assigns. It also provided that the Company in addition to the above mentioned lump sum purchase price shall pay to OCFL an additional consideration equivalent to the book value on 13.1. 2006 of the current assets. The agreement has been executed on the stamp paper of Rs. 100/-.

(v) The said agreement to sale was impounded by the Collector (Stamp) under Section 33 of the Indian Stamp Act as the same was executed on a stamp paper of Rs. 100/- and a case was registered being case No. 107 of 2005. The petitioner executed a supplementary agreement dated 23.12.2005 in furtherance of the agreement dated 3.11.2005. The same was included in the said proceeding, viz. Case No. 107 of 2007. The Collector (Stamp) determined the deficiency in payment of stamp duty in the agreement to sale and the demand of Rupees 76 crores was raised which was paid on 31.8.2006.

(vi) The entire assets, including movable and immovable properties, have been valued as on 31st January, 2006. It was valued at Rupees 1902.50 crores. The detail of the valuation is at page 70 of the writ petition and is being referred as follows :

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