Hon’ble S.U. Khan, J.—Heard learned counsel for the petitioner and learned standing counsel for respondents.

Writ Petition No. 32565 of 1998 :

2. M/s Anooma Cycle Industry Pvt. Ltd. had taken some loan from U.P. Financial Corporation (U.P.F.C.), which was not returned within time. The total amount alongwith interest was Rs. 8,41,000/-. For realisation of the said loan, U.P.F.C. sold the immovable property of M/s Anooma Cycle Industry Pvt. Ltd. through auction to the petitioner. Property was sold for Rs. 15,65,000/- on 25.3.1991. Payment of Rs. 8,41,000/- was immediately made and remaining amount was to be paid in equal instalments as provided in the sale-deed. By virtue of definition of sale as given in Section 54 of Transfer of Property Act, this was quite permissible (price part paid and part promised). The sale dated 25.3.1991 was impounded and the case was registered in the form of Stamp Case No. 704 of 1993, State v. M/s H.M.F.C. Pvt. Ltd. The case was decided on 26.12.1996 by Assistant Commissioner, Stamp, Bulandshahar. Assistant Commissioner held that there was deficiency of Rs. 2,21,650/- in stamp duty. Against the said order, petitioner filed Stamp Revision No. 61