• MSME award

Sir,for MSME award execution thrugh DJ whether it will atract stamp duty ? If applicable at what rate?
Asked 8 months ago in Civil Law from Raipur, Chhattisgarh
The Schedule to the Indian Stamp Act, 1899 contains a specific provision in Article 12 mentioning the stamp duty payable on 'arbitration awards'. Sections 33 and 35 of the Stamp Act are thus attracted if the award is not stamped or is insufficiently stamped.

2)Court where the execution is pending itself can require the stamp duty to be fixed on the award. 

Ajay Sethi
Advocate, Mumbai
26099 Answers
1419 Consultations
5.0 on 5.0
The amount of cash prize received by winners is exempted under section 10(17) of Income
Tax Act 1961.
In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included—  Section 10(17A)
i)  Any payment made whether in cash or in kind under any awards instituted in the public interest by the Central or State government or instituted by any  other body and approved by the central government in this behalf shall be fully exempted;
ii)  Any other reward given by the Central or state government for such purposes as may be approved by the Central government in this behalf in public interest shall also be fully exempted.
T Kalaiselvan
Advocate, Vellore
16463 Answers
153 Consultations
5.0 on 5.0
This has to be in accordance with the stamp duty prescribed by the state stamp duty act. In some states like MP the award itself has to be printed on a stamp paper. An objection as to insufficiency of stamp duty is a curable defect,moreover its ultimate burden falls on the JD himself if award is allowed with cost.
Ashish Davessar
Advocate, Jaipur
19133 Answers
484 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Civil Lawyers

T Kalaiselvan
Advocate, Vellore
16463 Answers
153 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
26099 Answers
1419 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
19133 Answers
484 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
13211 Answers
280 Consultations
5.0 on 5.0
Nadeem Qureshi
Advocate, New Delhi
3721 Answers
140 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2978 Answers
45 Consultations
4.9 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
944 Answers
64 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
1989 Answers
23 Consultations
5.0 on 5.0
Thresiamma G. Mathew
Advocate, Mumbai
1353 Answers
93 Consultations
5.0 on 5.0
Kiran N. Murthy
Advocate, Bangalore
810 Answers
56 Consultations
5.0 on 5.0