Law:

Section:

Section 2(24) of the Indian Stamps Act, 1899 - Settlement - Chargeable as - Whether where even if instrument purports to be an instrument 'by way of declaration of trust' it would not lose its character of being a 'settlement' as defined in section 2(24) for purpose of stamp duty under article 58 of Schedule 1B - Held, yes Facts One D executed a document purporting to create a trust for religious and charitable purposes and transferred a building for running a hospital. The duty under article 64 of Schedule IB was paid. An objection was taken by an audit party of the office of the State Accountant General that the instrument was a ' settlement' as defined under section 2(24) and a duty under article 58 of Schedule IB was payable on it. The matter was referred to the Chief Controlling Revenue Authority which held that the instrument was an instrument of 'trust' and not a 'settlement'. Subsequently the matter was examined by the Law Department and they held that it was a 'settlement'. On reference: Held The instrument involved in the instant case was a non-testamentary disposition of immovable property for religious and charitable purposes. That fulfils all the requirements of the term 'settlement'. Even if the instrument purported to be an instrument by way of declaration of trust it would not lose the character of being a 'settlement' as defined under section 2(24 ). Therefore, the instrument in the instant case was 'settlement' even though it purported to be a deed of trust and, thus, the stamp duty was payable under article 58 of Schedule IB. Cases referred to Sita Ram v. Board of Revenue AIR 1979 All. 301 (SB) and Board of Revenue v. Sridhar AIR 1964 All. 537 (SB). JUDGMENT Banerji, J. -This reference has been made by the Chief Controlling Revenue Authority under section 57 of the Indian Stamps Act, 1899 ('the Act') in respect of a document, as it felt a doubt as to whether the stamp duty on the document was chargeable as on a settlement or as on a trust. The following question has been framed by the authority on which our opinion has been sought: "Whether, the document under reference comes within the definition of a settlement as given in section 2(24) of…

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