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Supreme Court Rules High Court Cannot Waive Statutory Stamp Duty Penalty

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New Delhi, April 7 (IANS) The Supreme Court has ruled that a High Court cannot waive the statutory penalty payable on deficient stamp duty, holding that such power lies exclusively with the competent authority under the relevant Stamp Act. In a significant judgment, a bench of Justices Sanjay Kumar and K. Vinod Chandran set aside a Karnataka High Court order to the extent it had exempted payment of penalty while directing payment of deficient stamp duty on lease documents. The apex court was dea…