ASSET RECONSTRUCTION CO. (INDIA) LTD. vs CHIEF CONTROLLING REVENUE AUTHORITY

The Supreme Court addressed the appeal by Asset Reconstruction Company (India) Ltd. against the opinion of the Gujarat High Court regarding the applicability of stamp duty on an assignment deed. The court examined the implications of the Power of Attorney referenced in the deed and determined that the assignment was valid and properly registered under the Securitisation Act, thus upholding the legality of the transaction. The appeal was allowed, reaffirming the principles of registration and stamp duty in financial transactions.