I.P.MUKERJI,J. - (1.) This case raises a most important and interesting question of law. Suppose the law lays down that for sale of an immovable property stamp duty at a particular rate is payable. Now, this sale may be effected by one instrument or by several instruments, cumulatively having the same effect. What is the stamp duty that is the chargeable and payable under the Indian Stamp Act , 1899 read with the relevant Rules, on each document or on all the documents together?
(2.) The dispute in the case has arisen out of an agreement for sale of an immovable property. As is usual in land transactions, by an agreement for sale dated 12th May, 2010, the appellant No.1 proposed to purchase premises No.119, Park Street, Kolkata - 700016, from the Ghosh family at a total consideration of Rs.12 crores subject to a lease hold interest of a lessee therein arising out of a lease dated 24th January, 1979. On or about 12th May, 2010 the said instrument was presented for registration before the Additional Registrar of Assurance II. The Respondent No.5 assessed the market value of the property at Rs.30,34,21,962/- and stamp duty payable thereon as Rs.2,12,39,548/-. The petitioner No.1 paid 50% of the duty.
(3.) One half share of the premises was owned by four members of the Ghosh family, Shima, Jyotirmay, Avijit and Surojit whereas the other half share was owned by Jayeeta Singha Roy.;