Rajasthan Stamp Act: Duty Can’t Be Levied On Transaction Not Having ‘Territorial Nexus’ With State

Case: Himachal Futuristic Communications Limited v. State of Rajasthan & Ors.

Coram: Justices Manindra Mohan Shrivastava and Birendra Kumar

Case No.: D. B. Special Appeal (Writ) No. 1063/2019

Court Observation: “…insofar as transfer of shares by virtue of order of amalgamation passed by the High Court of Himachal Pradesh is concerned, it did not happen within the territory of the State of Rajasthan. Both the companies are situated outside the territory of Rajasthan. The entire proceedings of arrangement and amalgamation and its sanction took place outside the State of Rajasthan. Therefore, to that extent, stamp duty under the Stamp Act of 1998 would not be leviable…”

“Secondly, irrespective of whether or not the appellant was liable to pay stamp duty in the State of Himachal Pradesh and whether or not it has been paid in that State, the stamp duty would be leviable only in respect of the properties situated in the State of Rajasthan and not in respect of transfer of shares under the instrument as that transfer by execution of instrument and passing of order by the High Court of Himachal Pradesh does not bear any territorial nexus.”

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Keywords

Rajasthan Stamp Act, Territorial Nexus