- (1.) Heard Sri V.P. Rai, learned counsel for the petitioner and Sri Nimai Das, learned Standing Counsel for the respondents. They have agreed for the final disposal of the petition on the basis of the pleadings exchanged.
(2.) A lease deed executed between the petitioner and M/s Shipra Motels and Restaurant Ltd. for letting out four shops situate on first floor of Shipra Mall, Vaibhav Khand, Indirapuram, Ghaziabad for a period of 26 months with renewal clause for two periods of three years each is the subject matter for consideration for realisation of stamp duty.
(3.) The aforesaid lease deed has been executed on a stamp paper of Rs.100/- only. The authorities by the impugned order dated 4.5.07 and the appellate order dated 29.12.2010 by applying Article 35(a)(iii) of Schedule 1-B of the Indian Stamp Act, 1899 (hereinafter referred to as the Act) have determined deficiency in stamp duty amounting to Rs.7,45,200/- and have imposed penalty of Rs.14,90,000/-.;