TMI Blog2000 (7) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... Article 25 of the Bombay Stamp Act, 1958. It is held that stamp duty would be leviable as if it is a conveyance. This Court has held that these are in effect agreements to sell immovable property as the possession of such property is transferred to the purchaser before or at the time of or subsequent to the execution of the agreement. It is held such an agreement to sell must be d emed to be a Conveyance. It is fairly conceded that this Judgment fully covers question (a) set out hereinabove. As seen above stamp duty is sought to be levied under Article 25, Schedule I of the Bombay Stamp Act. The stamp duty is being levied not on transfer of shares but on the basis that the agreement is a conveyance. There is no dispute that there is legi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ociety Ltd. was the owner of the building Dalamal Tower; that the 1st Appellant was a member of the said society hold ng the said 5 shares; that one of the incidents of membership was that the member had a right to occupy specific Office premises in the building Dalamal Tower and as such the 1st Appellant had a right to occupy premises No. 904 on the 9th floor of the Da amal Tower, which Office premises admeasured 557 Sq. ft. of built up area. The Instrument went on to state that for a consideration of Rs. 9,46,900/- paid by the transferees to the transferor, the transferor transferred the said 5 shares to the transfer es and that the transferees accepted the said shares. By a letter dated 23rd April, 1986 the Advocates of the 1st Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty on transfer of shares in a co-operative society fell excluively within Entry 91 of List I of the Seventh Schedule to the Constitution of India. The Appellants contended that it was beyond the legislative competence of the State as it did not fall within Entry No. 63 of List II of the Seventh Schedule to the Co stitution of India. By the impugned Judgment dated 16/17th February, 1989, the Petition was dismissed on the ground that the instrument of transfer amounted to a conveyance of property and was chargeable with stamp duty under Article 25(b)(i) of the Bombay Stamp Act, 1958. By the said Judgment the argument regarding lack of legislative competence was also rejected. The question whether or not a transfer of shares in a Co-oper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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