JADEED FEEDS INDUSTRIES (PVT.) LIMITED vs BOARD OF REVENUE, PUNJAB Ss

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JADEED FEEDS INDUSTRIES (PVT.) LIMITED VS BOARD OF REVENUE, PUNJAB Ss. 279, 280, 281 & 282---Stamp Act (II of 1899), S. 3 & First Schedule, Art. 27-A [as inserted by Punjab Finance Act, 2008]---Constitution of Pakistan, Art. 199---Constitutional petition---Stamp duty, charging of---Merger of companies---Petitioner / company after approval of Scheme of Merger, was aggrieved of transfer of assets of merged companies being subjected to payment of stamp duty / mutation fee at the time of mutation or registration of merger of companies---Validity---In terms of S. 3 of Stamp Act, 1899, every "instrument" becomes "chargeable" with stamp duty of the amount indicated in First Schedule to Stamp Act, 1899 unless exempted---Provision of Art. 27-A of First Schedule to Stamp Act, 1899, which was previously not part of the Schedule but was inserted through Punjab Finance Act, 2008, brought the decree, rule of Court or an order of Court based on mutual consent of parties in cases involving transfer of an immovable property including sale, exchange, gift or mortgage, declaring or conferring a right in or title to an immovable property within ambit of an instrument chargeable to stamp duty---Order sanctioning merger of company is an "instrument" for all intents and purposes in the light of Stamp Act, 1899---Stamp duty is a provincial subject and in view of the scheme of distribution of legislative powers between Federation and Provinces as ordained in Art. 142(d) of the Constitution, the overriding effect of provisions of S. 282 (5) of Companies Act, 2017, or exemption from payment of stamp duty with respect to transfers under Scheme of Mergers is limited to the extent of Islamabad Capital Territory---Through merger, assets and liabilities of companies previously existing, stood transferred in the name of petitioner / company and fell within the ambit of Art. 27-A of First Schedule to Stamp Act, 1899---High Court declined to interfere in the matter---Constitutional petition was dismissed in circumstances.

JADEED FEEDS INDUSTRIES (PVT.) LIMITED vs BOARD OF REVENUE, PUNJAB Ss — 2024 CLD 1570 LAHORE-HIGH-COURT-LAHORE

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