STATE OF U.P.NOW UTTARAKHAND vs VINIT TRADERS & INVESTMENT LTD.

The Supreme Court addressed the issue of whether a sale deed executed by Aditya Mills Ltd. in favor of Vinit Traders could be treated as a lease deed for stamp duty purposes under Section 47A(2) of the Indian Stamp Act, 1899. The Court held that the nature of the transaction must be determined based on the intention of the parties and the substance of the transaction rather than its form. The appeal was allowed, affirming the High Court's decision that the deed was indeed a sale and not a lease, thus upholding the stamp duty paid.