V.N. DEVADOSS vs CHIEF REV. CONTROL OFFICER-CUM-INS.

The Supreme Court addressed the appeal against the Madras High Court's order under Section 47-A of the Indian Stamp Act, 1899, concerning the valuation of land sold by Dunlop India Limited, a sick industry under the Sick Industrial Companies (Special Provisions) Act, 1985. The Court held that the sale transaction was valid and should not be subject to undervaluation proceedings, as the appellant's tender was accepted by the Asset Sales Committee and statutory authorities. The Court emphasized that the sale was conducted in accordance with the provisions of the 1985 Act, thus ruling in favor of the appellant and quashing the demand for additional stamp duty.