64. Penalty for executing, etc. instrument not duly stamped. -
(1)Any person who, with the intention to evade the duty, executes or signs otherwise than as a witness any instrument chargeable with duty without the same being duly stamped shall, on conviction, for every such offence be punished with rigorous imprisonment for a term which shall not be less than one month but which may extend to six months and with fine which may extend to five thousand rupees:Provided that, when any penalty has been paid in respect of any instrument under Section 39, Section 43, or Section 49, the amount of such penalty shall be allowed in reduction of the fine (if any) subsequently imposed under this section in respect of the same instrument upon the person who paid such penalty.(2)If a share warrant is issued without being duly stamped, the company issuing the same and also every person who, at the time when it is issued, is the Managing Director or Secretary or other principal officer of the company, shall, on conviction be punished with fine which may extend to five hundred rupees.(3)No person shall be prosecuted under sub-section (1) or sub-section (2) in respect of an instrument which was produced in Court and which was admitted after a decision by the Court that the said instrument was duly stamped or that no stamp was required.
