Prior Possession Cannot Be Taxed Under Article 5(e)(i) Karnataka Stamp Act; Statute Has No Residual Clause for Pre-Existing Possession: Karnataka HC
The Court set aside the impugned judgment imposing the penalty under Article 5(e)(i) of the Schedule to the Karnataka Stamp Act, 1957. The statute does not have a residual clause for Article 5(e) nor provides for a scenario where the property was previously handed over to the purchasee prior to the agreement to sell was to be entered into.