Lawyer Shanti Bhushan and
his three children were on Saturday granted one more week`s time by
the Stamp and Registration office here to reply to a notice
for alleged stamp duty evasion to the tune of Rs 1.33 crore.
The SC has held that circle rates fixed by the government for imposing stamp duty on registration of properties should be given primacy as otherwise it would lead to large-scale under valuation resulting in huge revenue losses.
Holding that registration of documents under Stamp Act was not only proof of ownership but also an important source of income, the Madras HC said it expected the legislature to effect suitable amendments to the Registration Act.