HANUMAN VITAMIN FOODS PVT. LTD. CO. vs THE STATE OF MAHARASHTRA

The Supreme Court ruled that the transfer of shares in a Co-operative Society is subject to stamp duty under the Bombay Stamp Act, 1958, specifically under Article 25(b)(i). The Court held that the State Legislature has the legislative competence to levy stamp duty on such transfers, affirming that the instrument of transfer is a conveyance of property and thus chargeable with stamp duty. The appeal was dismissed, upholding the High Court's decision.