Hanuman Vitamin Foods Pvt. Ltd. & Ors vs The State Of Maharashtra & Anr

The Supreme Court held that the transfer of shares in a Co-operative Society is subject to stamp duty under Article 25(b)(i) of the Bombay Stamp Act, 1958, establishing that such transfers constitute a conveyance of property. The Court ruled that the State Legislature has the legislative competence to levy stamp duty on the transfer of shares, as it falls within Entry 63 of List II of the Seventh Schedule to the Constitution of India. The appeal was dismissed, affirming the High Court's decision.