business 🏛️ Property use matters, not master plan, for stamp duty
The Supreme Court ruled that property's actual usage, not its master plan classification, decides stamp duty valuation. This decision overturned the Rajasthan High Court's ruling regarding a gift deed registered as residential land in Rajasthan. The case involved a property used for manufacturing and selling products, which was inspected as commercial initially. The SC found that the State Government circular emphasizes land user over area classification for valuation purposes. Consequently, the appeal was allowed, restoring the original orders made by the statutory authorities. ⚖️