JUDGMENT

Noorin Badaruddin J:

[1] This is an appeal by way of Case Stated filed by the Plaintiff under s 39 of the Stamp Act 1949 (" SA ") for a declaration that the Notice of Stamp Duty Assessment dated 15 March 2020 ("the Assessment") issued by the Respondent is erroneous, null and void.

Facts

[2] On 6 February 2020, the Plaintiff entered into an Asset Purchase Agreement ("the Agreement") with Martin-Brower Malaysia Co Sdn Bhd ("MB Malaysia") where the Plaintiff agreed to acquire the business assets and liabilities of MB Malaysia. The details of the assets and liabilities acquired are set out in Schedule 1 and Schedule 3 of the Agreement. Among others, the assets and liabilities acquired are MB Malaysia's fixed assets such as computer software, computer hardware, fittings, renovation, plant, machinery and equipment as well as liabilities under business contracts.

[3] The purchase price for the acquisition stated in Schedule 1 of the Agreement amounts to USD2,491,491.55, equivalent to RM10,378,806.35 at the material time.

[4] The list of excluded assets are listed under Schedule 2 of the Agreement. Among others, the assets excluded in the transaction is the "goodwill of the Malaysia B