Stamp Duty Cannot Be Levied on Lease Agreement by Imputing Intention to Create Lease in Future: Bombay High Court

The Bombay High Court has delivered an important judgment clarifying that stamp duty cannot be imposed on an agreement to lease by assuming that it creates a lease in future. The Court made it clear that unless a document creates a present demise of immovable property, it cannot be treated as a lease for the purpose of stamp duty under Article 36 of Schedule I of the Maharashtra Stamp Act,…