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Withdrawal of 1937 Stamp Duty notification in Delhi on Merge

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The Government of Delhi has vide Notification dated 1 June 2011 (Yet to be notified in Gazette of Delhi), withdrawn with immediate effect the stamp duty exemption on merger/demerger granted vide Notification No. 1 of 16 January 1937. The Notification No. 1 of 16 January 1937 provided that stamp duty chargeable under the Article 23 and 62 of Schedule I of the Stamp Duty Act on instruments evidencing transfer of property between companies limited by shares was exempt in cases where: • At least 90 percent of the issued share capital of the transferee company is in the beneficial ownership of the transferor company • Transfer take place between a parent company and a subsidiary company one of which is the beneficial owner of not less than 90 percent of the issued share capital of the other • Where the transfer takes place between two subsidiary company of each of which not less than 90 percent of the share capital is in the beneficial ownership of a common parent company This notification has come in the light of decision of The Delhi High Court wherein the matter of Delhi Towers Limited chargeability of stamp duty on mergers were upheld. #pdf
Vivek Sethia

on 23 June 2011

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