Super Seal Flexible Hose Limited Thru ... vs State Of U.P. And 2 Others on 5 December, 2022
Further the Court finds that two firms had merged by an order of the Delhi High Court dated 22.11.2006 wherein it was held that the stamp duty, if any was payable by the transferee company, would be paid in accordance with law. Learned counsel for the petitioner has argued that any stamp duty which was payable on a merger had to be paid as per the law laid down in the judgment reported in 2009 (1) ADJ 569 : M/s. Hero Motors Ltd. vs. State of U.P. & Others and therefore, the question for paying stamp duty on the plant and machinery again did not arise. The Court definitely is of the view that the Prescribed Authority ought to have looked into this aspect of the matter. The merger had taken place between the transferor company namely M/s. Super Seals India Limited and the transferee company namely Super Seal Flexible Hose Limited as per the order of the Delhi High Court dated 22.11.2006. If any stamp duty had to be imposed, it must have been imposed at that point of time itself. What is more, the Court finds that even the stamp duty which was leviable at the time of the merger/demerger was also not a point in issue in the instant case. The only issue which was there before the Prescribed Authority was as to what was the property which was being leased out by the UPSIDC to the petitioner-company. The Court finds that only the land was the subject matter of the transfer by means of a lease.