BOARD OF REVENUE, UTTAR PRADESH vs RAI SAHEB SIDHNATH MEHROTRA

The Supreme Court held that under Section 24 of the Indian Stamp Act, only the unpaid mortgage money is deemed part of the consideration for stamp duty. Since the sum of Rs. 3,89,000 was paid before the conveyance, it was not liable for stamp duty. The Court clarified that if mortgage money is paid off before the sale, it does not need to be included in the stamp duty calculation, as neither amount paid was shown to be consideration for immovable property under Article 23 of the Act. The appeal by the Board of Revenue was dismissed, affirming the High Court's decision.