Stamp Duty Valuation Must Be Based on the Nature of Land Use, Not Its Classification in the Master Plan: Supreme Court

In a significant decision, the Supreme Court has clarified that the valuation of land for stamp duty purposes should be based on the actual use of the land rather than its classification under a Master Plan. The Court emphasized that the purpose for which land is used holds greater importance in determining its value than how it is categorized geographically or administratively. This ruling sets an important precedent for property…