Allowability of stamp duty on increase in authorised capital

This query is : Resolved

shubhangi waghmare (Querist)
Follow

21 November 2011 Allowability of stamp duty on increase in authorised share capital
Whether stamp duty paid on increase in authorized share capital allowable exps in income Tax Act.

And if IT department disallowed the stamp duty whether penalty on that is allowable exps in Income tax Act.
Please provide case laws for that explanation

Vrinda Aghi

Vrinda Aghi (Expert)
Follow

22 November 2011 Please elaborate your question. Also the state you wish to refer to:
in Maharashtra STamp rates are:
Stamp duty shall be Rs. 1000 on every Rs.5
Lakhs of amount of increase in authorised
capital or part thereof subject to a
maximum of 50 Lakhs of stamp duty.
However, in the case of increase of
Authorised Capital beyond Rs2,50,00,00,000/-, No Stamp duty shall be
payable.
This can be located under the Schedules to the Stamp Amendment Act for Maharashtra
you may refer the link of MCA website:
http://www.mca.gov.in/MCA21/dca/efiling/eStamp_rate.pdf