Delhi High court grants relief to Ambuja cement, quashes Rs218 Cr stamp duty order
New Delhi [India], November 9: The Delhi High Court has ruled in favor of Ambuja Cement Limited, setting aside a show cause notice and an order demanding Rs218.87 crore in stamp duty along with a Rs69 crore penalty. S&A Law Offices acted for Ambuja Cement Limited (ACL), wherein ACL had challenged the order passed by the Collector of Stamps, Delhi, directing ACL to pay stamp duty of Rs218,87,81,917.26 along with a penalty of Rs69 crores on the merger order dated 14.11.2011.
ANI
Nov 09, 2024 18:16 IST
VMPL
New Delhi [India], November 9: The Delhi High Court has ruled in favour of Ambuja Cement Limited, setting aside a show cause notice and an order demanding Rs218.87 crore in stamp duty along with a Rs69 crore penalty. S&A Law Offices acted for Ambuja Cement Limited (ACL), wherein ACL had challenged the order passed by the Collector of Stamps, Delhi, directing ACL to pay stamp duty of Rs218,87,81,917.26 along with a penalty of Rs69 crores on the merger order dated 14.11.2011.
Amongst the various grounds of Challenge, the Hon'ble High Court of Delhi, while holding that an order of amalgamation under Sections 391 to 394 of the Companies Act, 1956 was an instrument exigible to stamp duty, was pleased to hold that ACL was covered under Notification No. 13 dated 25.12.1937.
The Hon'ble High Court also noted that the show cause notice issued by the Collector of Stamp was beyond the prescribed period of limitation. Consequently, the High Court allowed the Writ Petition and set aside the show cause notice and the order passed by the Collector of Stamps, Delhi.
Ambuja Cement Limited was represented by a team from S&A Law Offices, led by (Senior Partner) Vijay K Singh, along with (Partner) Adhip Kumar Ray, (Principal Associate) Kumar Shashwat Singh Sawno, and (Senior Associate) Simran Sakunia.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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