Thursday, 30 January 2025

Socities Registration-Frequently Asked Questions

 

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Thursday, 23 January 2025

Suit For Specific Performance Doesn't End With Passing Of Decree; Court Retains Power To Annul Decree Or Extend Time : Supreme Court

 IN THE SUPREME COURT OF INDIA 

CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS. 563-566 OF 2025 

(Petitions for Special Leave to Appeal (C) Nos. 22802-22805 of 2022) 

BALBIR SINGH & ANR ETC ….Appellant(s) 

 VERSUS 
BALDEV SINGH (D) THROUGH HIS LRS & ORS. ETC ….Respondent(s)


58. In such circumstances referred to above, this Court rejected the contention advanced on behalf of the decree holders that unless the judgment debtor seeks rescission of the contract in terms of Section 28 of the Act, the decree would remain executable in spite of expiry of the period for deposit. 

59. This Court while allowing the appeals filed by the judgment debtor held that although Section 28 of the Act permits the judgment debtor to seek rescission of a contract and also permits extension of time by the court yet merely because rescission of contract was not sought by the judgment debtor would not automatically result in extension of time. 

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Banks Giving Loans Without Proper Title Search Reports : Supreme Court Flags Issue To RBI; Says Officials Who Approved Loan Be Made Liable

 

IN THE SUPREME COURT OF INDIA 
CIVIL APPELLATE JURISDICTION 
 CIVIL APPEAL NO.1876 OF 2016 
CENTRAL BANK OF INDIA & ANR. Appellant(s) 
 VERSUS SMT. PRABHA JAIN & ORS. Respondent(s) 
WITH CIVIL APPEAL NO.1877 OF 2016 
CIVIL APPEAL NO.1896 OF 2016

44. Before we close this litigation, we deem it necessary to observe that Banks should remain very careful with inadequate title clearance reports, more particularly, when such reports are obtained cheaply and at times for external reasons. This concerns the protection of public money and is in the larger public interest. Therefore, it is essential for the Reserve Bank of India and other stakeholders to collaborate in developing a standardized and practical approach for preparing title search report before sanctioning loans and also for the purpose of determining liability (including potential criminal action) of the Officer who approves loan. Additionally, there should be standard guidelines for fees and costs associated with title search reports so as to ensure that they maintain high quality.

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Monday, 20 January 2025

Model Office report for collection of stamp duty and penalty

 

Office Note:      -  -2025

It is submitted that the document dated ______, styled as an “Agreement” between Sri "X" and Sri "Y" records a financial obligation of ₹21,00,000/- secured by issuance of two cheques. The recitals create an enforceable liability and therefore the document falls within the definition of “Bond” under Section 2(5)(b) and is chargeable under Article 13 of Schedule I-A.

Since the document is executed on plain paper without any stamp, the duty and penalty are computed as follows:

  1. Value Secured under Document: ₹21,00,000/-
  2. Rate of Duty under Article 13:
    • Where the amount does not exceed ₹1,000 → ₹3 for every ₹100 or part thereof.
    • Where it exceeds ₹1,000 → ₹30 for the first ₹1,000 + ₹15 for every ₹500 or part thereof in excess of ₹1,000.
  3. Duty on first ₹1,000 = ₹30
  4. Balance amount = ₹21,00,000 – ₹1,000 = ₹20,99,000
  5. Number of units of ₹500 in ₹20,99,000 =

20,99,000/500=4198 units

Duty @ ₹15 per ₹500 unit =

4198×15=₹62,970 

  1. Total Proper Duty = Duty on first ₹1,000 (₹30) + Duty on balance (₹62,970) = ₹63,000/-

Deficit and Penalty

  • Duty actually paid: Nil (document executed on plain paper).
  • Deficit Duty: ₹63,000/-
  • Penalty under Section 35: Up to 10 times the deficit duty = ₹63,000 × 10 = ₹6,30,00/-
  • Total stamp duty and penalty to be collected= ₹6,93,000/-

Therefore permission may be accorded to collect the above amount.

S.F.O


Office Note:8-12-2014

          It is submitted that, the Contractor and the Project Engineer, Atmakur have entered into an agreement dated:26-03-1999 for laying pipe line under Kondadoddi lift irrigation scheme at Makthal mandal of Mahabubnagar District filed in O.S.No.57/2010 on the file of Prl.District Court, Mahabubnagar. The agreement was entered into on acceptance of tender. The said document is an agreement within the meaning of Art. 6 of Sch. I-A of the Indian Stamp Act and it is ought to have executed on a stamp of Rs.100/- U/Art. 6(A)(iv) as the value of the contract is exceeding Rs.50,000/-. The agreement executed on an unstamped paper, hence the document is chargeable with the stamp duty and penalty as under.

1.   Required Stamp duty U/Art. 6(A)(iv)                 -- Rs.200/-

2.   Duty paid if any (Document                                Nil

executed on unstamped paper)

 

3.   Ten time penalty                                               --Rs.2000/-

Stamp duty and penalty payable        --Rs.2200/-         

 

It may be ordered directing the holder of the document to remit the duty and penalty of Rs.2200/-.

S.F.O

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A Model Office report for collection of stamp duty in Final Decree Petition.

 

Report date: 24-03-2015

                It is submitted that the value of the property as per the shares set out in the final decree/compromise decree/lok adlath award basing on the market value certificate as mentioned below.

Sl.No

Sy.No

Extent

Unit rate ( value per acre as per M.V Certificate)

Total Market value

 

Share of Petitioner No1

 

1.

Sy.No.1

1-37  Acs

Rs.1,00,000/-

Rs.1,92,500/-

2.

Sy.No.2

10-04  Acs

Rs.1,00,000/-

Rs.10,10,000/-

3.

H.No.15-4

--

--

Rs.  2,55,000/-

 

 

 

Total

Rs.14,57,500/-

Share of Petitioner Nos. 2 and 3

 Share fo Petitioner No.1

1.

Sy.No.200

2-26 Acs

Rs.1,00,000/-

Rs.2,65,000/-

Share of Respondent No.2

1.

Sy.No.188

7-00 Acs

Rs.1,00,000/-

Rs.7,00,000/-

 

 

 

Total Value

Rs.24,22,500/-

 

                  The required NJS to engross Final Decree is calculated as under:

1.       Total Market value of the property                                                Rs. 24,22,500/-

2.       U/Art 40 of Sch 1-A largest share is to be eliminated                   Rs.14,57,500/-

3.       M.V on which NJS is to be assessed (separated share)                  Rs.  9,65,000/-

4.       U/Art 40  r/w G.O.Ms.No.585, Dt.30-11-2013, the required

stamp duty is @ 0.5%  among the family members.

(Rs.9,65,000/- X 0.5%)                                                                         Rs.    4825/-                 

      Therefore NJS worth Rs.4825/- is required for engrossing final decree. The party may be directed to deposit the same.

 

S.F.O

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