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5. Issue No.1:

Section 48 of the Bombay Stamp Act provides for time period within which the application for refund is to be made. The first proviso to Section 48 of the Bombay Stamp Act, 1998, as it existed at the relevant time, reads as under:-

sg 18.wp5650-05.doc "S.48. Application for relief under section 47 when to be made.

8. In my view, the "date of the instrument" referred to in the proviso would be the date on which instrument is presented for registration. Under Section 54 of the Transfer of Property Act, every agreement for transfer of immovable property whose value is more than Rs.100/- is required to be registered. Therefore, in my view, the "date of the instrument" when read harmoniously with the earlier part of the proviso to Section 48(1) of the Stamp Act and the provisions of the Transfer of Property Act would mean the date on which the sale agreement is presented for registration because it is only on the registration of such a document that there is a compliance of the provisions of the Transfer of Property Act. The interpretation of the proviso to Section 48(1) of the Stamp Act has to be in consonance with Section 54 of the Transfer of Property Act. Therefore, in my view, in the instant case, the "date of instrument"

would be the date on which the agreement was lodged for registration which is 26th August 1996 and since the refund application is made on 29th July 1998, it is within the period of two years as required by the proviso to Section 48 of the Stamp Act.

sg 18.wp5650-05.doc

9. The next issue which arises is whether the Petitioners' case is covered by any of the clauses of Section 47 so as to be eligible to claim refund. For the said purpose the relevant provision is Section 47(c)(5) which reads thus:

14. Conclusion:

In view of above, the application for refund has been made by the Petitioners within the time specified in Section 48 of the Bombay Stamp Act and the case of the Petitioners is covered by Section 47(c)(5) and, therefore, is eligible for refund of stamp duty of Rs.19,725/- along with interest of 6% from the date of application of refund, i.e. 29th July 1998, till the payment of refund by the Respondents. Respondents are directed to refund the stamp duty along with interest as specified above within a period of eight weeks.