Subs. by Bihar Finance Act 11 of 2002. — THE INDIAN STAMP ACT, 1899 (2 of 1899)

2. Subs. by Bihar Finance Act 11 of 2002. (12-A) [Omitted by the A.O. 1950] Impressed stamp.—"Impressed stamp" includes- (b) stamps embossed or engraved on stamped paper: Impressed stamp.—"Impressed stamp" includes- (a) labels affixed and impressed by the proper officer, and (b (13-A) India—"India" means the territory of India excluding the State of Jammu ashmi and Kashmir, Instrument.—"Instrument" includes every document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded; (15)Instrument of partition.—"Instrument of partition" means any instrument whereby co-owners of any property divide or agree to divide such property in severality, and includes also a final order for effecting a partition passed by Revenue authority or any Civil Court and an award by an arbitrator directing a partition; Lease.—"Lease" means a lease of immovable property, and includes also-. (a) a patta; (b) a quabuliyator other undertaking in writing, not being a counter part of a lease, to cultivate, occupy, or pay or deliver rent for, immovable property; (c) any instrument by which tolls of any description are let; (d) any writing on an application for lease intended to signify that the application is granted; (16-A) Marketable security.— "Marketable security" means a security of such a description as to be capable of being sold in any stock market in India or in the United Kingdom; (17) Mortgage-deed.—"Mortgage-deed" includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement one person transfers, or creates to, or in favour of another, a right over or in respect of specified property; (18) Paper.—"Paper" includes vellum, parchment or any other material in which an instrument may be written; (19) Policy of insurance.—"Policy of insurance" includes- (a) any instrument by which one person, in consideration of a premium engages to indemnity another against loss, damage or liability arising from an unknown or contingent event; (b) a life-policy, and any policy insuring any person against accident or sickness, and any other Personal insurance; (19-A) Policy of group insurance.—"Policy of group insurance" means any instrument covering not less than fifty or such smaller number as the Central Government may approve, either generally or wilh reference to any particular case, by which an insurer, in consideration of a premium paid by an employer or by an employer and his employees jointly, engaged to cover, with or without medical examination and employer and his employees jointly, engaged to cover, with or without medical examination and for the sole benefit of persons other than the employer, the lives of all the employees or employer, the lives of all the employees or of any class of them determined by conditions pertaining to the sae iment, for amounts of insurance based upon a plan which precludes individual election: sae imen election: Policy of sea-insurance or sea-policy—"Policy of sea-insurance" or (20) Poli "sea-policy"— andise or proper' for any eC the meaning of or relating to, any a (b) Includes any insurance of goods, merch sit which includes, not only a sea ri e or eC andise or proper' for Includes any insurance of goods, merch eC transit which includes, not only a sea risk within the meaning of but also any other risk incidental to the transit insured transit which includes, not only a sea risk within clause (a) but also any other risk incidental to the transit insured rom the commencement of the transit to the ultimate destination clause (a) but also any other risk incidental to the transit insured from the commencement of the transit to the ultimate destination the insurance, from the comme covered by the insurance, y"— (a) Means any insurance Mm marine or inland navigation Means any insurance marine or inland navigation) or vessel, or up marine or inland nav of any ship or vessel, or upon description whatever on of any ship or vessel, or upon of any description whatever on board ight of or any other interest whic do of any description whatever on the freight of or any other interest whic o, any ship or vessel; and the freight of or any other or relating to, any ship or vessel; and f goods, mer ade upon any ship or vessel (whether for -orupon the machinery, tackle or furniture e upon any ship or vessel (whether f -orupon the machinery, tackle or furniture goods, merchandise or property upon the machinery, tackle or furniture any goods, merchandise or property dof any ship or vessel, or upon d oods, merchandise or prope dof any ship or vessel, or upon lawfully insured in, f any ship or ve h may be lawfully insured in, covered by the insurance, Where any person, in consideration of any sum of money paid or to tional freight or otherwise, agrees to take upon himself Where any person, in consideration of any sum of mon be paid for additional freight or otherwise, agrees to take upon himself nding goods, merchandise or property of any description be paid for additional freight or otherwise, agrees to ta any risk attending goods, merchandise or property of any description board of any ship or vessel, or engages te indemnity any risk attending goods, merchandise or property of any whatever while on board of any ship or vessel, or engages te indemnity ny such goods, merchandise or property from any whatever while on board of any ship or vessel, or eng the owner of any such goods, merchandise or property from any ch agreement or engagement shall be deemed the owner of any such goods, merchandis risk, loss or damage, such agreement or engagement shall be deemed r sea- insurance; risk, loss or damage, s to be a contract for sea- insurance; ting it; (22) Promissory note.—'Promissory note" means a promissory note as ment Act, 1881 (26 of 1881); (22) Promissory note.— defined by the Negotiable Instrument Act, 1881 (26 of 1881); sum to be a contract for sea- (21) Power-of-attorney.—"Power-of-attorney" includes any instrument (not a fee under the law relating to court-fees for the time being in (21) Power-of-attorney.—"Power-of-attorney" includes any instr chargeable with a fee under the law relating to court-fees for the time being in ecified person to act for and in the name of the person chargeable with a fee under the law relating to court-f force) empowering a specified person to act for and in the name of the person executing it; ned by the Negotia tt also includes a note promising the payment of any sum of money oul of any may or may not be available, or upon any condition or tt also includes a note promising the payment of any sum of money particular fund which may or may not be available, or upon any condition or be performed or happen; particular fund which contingency which may or may not be performed or happen; Comments and Case-law. [This section shows that for the purposes of the Stamp Act at least a note tingency certain or not will amount to [This section shows that for the pu promising payment upon any condition or contingency certain or not will amount to unconditional undertaking under section 4 of the Negotiable promising payment upon any condition or contingency certain or n promissory note an unconditional undertaking under section 4 of the Negotiable i v. Devdas instruments Act cannot be treated as a Promissory AIR 1988 Ker 282.] note. Kochuthressi v. Devdas instruments Act can AIR 1988 Ker 282.] % v. - Receipt.—"Receipt" includes any note, memorandum or writing— (a) Whereby any money, or any bill of exchange, cheque, or promissory note is acknowledged to have been received, or (b) Whereby any other movable property is acknowledged to have been received in Satisfaction of a debt, or (c) whereby any debt or demand é acknowledged or any part of a debt or demand, | !S é any part of a debt or acknowledged to have been satisfied or discharged, or (d) which signifies or imports any such acknowledgment, and whether ne sare Is not signed with the name of any person; Settlement.— "Settlement" moz (a) in consideration of marriage, (b) for age, (b) for the purpose of distributing property of the settler among his family or those for whom he desires to provide, or for the purp for the purpose of distributing property of the settler among his family or those for whom he desires to provide, or for the purpose of providing for some person dependent on him: or whom he desires to provide, for some person dependent on him: or (c) for any religious or charitable purpose; and includes an agreement in writing to make such a dispositior, and where any a dispositior, and where any such disposition has not been made in writing, any instrument recording, whether by way of declaration of trust or ch disposition has not been made in writing, any instrument recording, whether by way of declaration of trust or otherwise, t of d otherwise, the terms of any such disposition; Soldier.—"Soldier" includes any person below the rank of noncommissioned officer who is enrolled under the Indian Army Act, 1911 (8 of 1911)' Stamp.—"Stamp" means any mark, seal or endorsement by any agency Comments and Case-law [If the purpose of a particular provision is easily discernible from the whole scheme of the Act; the intention should be found out from the language used by the Legislature and if strict literal construction leads to an absurd result and if another construction Is possible then that construction should be preferred to the strict literal construction. C./.T. v. J.-H. Golta, (1985) 4 SCC 343. Where the document is not of the nature of an instrument of partition by which partition is sought to be effected, the same cannot be chargeable to stamp duty. Order impounding document which was not required to be stamped is erroneous. Mosst. Mango Devi v. Muneswar Prasad, 1983 PLJR 468: 1983 BBCJ 604. See also Bhudeb Chatterjee v. A. Chatterjee. AIR 1928 Cal. 705. | When there is no stipulation postponing the payment, the expression, "payable on demand' in the document means that the money becomes due forthwith at once on on demand' in the document means that the money becomes due forthwith at once onthe execution of the document. In sucha case the use of expression "payable on cannct be enforced onthe execution demand" cannot be taken to be a condition, but when the payment cannct be enforced that the debt becomes payabie after that demand" cannot be taken to be a condition, within a stipulated period and itis stated that the debt becomes payabie after that note within the meaning of within a stipulated period and itis stated period on demand, such a document is-not a promissory note within the meaning of Devi v. Dhanik Lal Isser, 1970 PLJR 673: 1970 BLJR period on demand, such a document is-not a promissory note

Section 2