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SC: 'Ten Times Penalty' Prescribed for Deficit Stamp Duty Cannot be Mechanically Imposed - (18 Sep 2020)

CIVIL

Supreme Court has observed that the penalty of ten times prescribed under Section 40(1) (b) of the Indian Stamp Act, 1899 cannot be mechanically imposed. The Court has further observed that the reason such as fraud or deceit in order to deprive the or undue enrichment are relevant factors to arrive at a decision as to what should be the extent of penalty under Section 40(1) (b).

Tags : SUPREME COURT   PENALTY UNDER INDIAN STAMP ACT   1899  

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