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CS Professional · Drafting, Pleadings and Appearances · Laws relating to Drafting and Conveyancing

Under the Orissa amendment to Section 73 of the Indian Stamp Act, 1899, an authorised officer wishes to seize and impound registers kept by a notified Bank to recover a stamp duty deficit. Which statement is correct?

Under the Orissa amendment, records in a Bank's custody can be seized and impounded only after a notice of thirty days to make good the stamp duty deficit has been given. Seizure is not barred altogether, but it cannot be immediate.

  1. ASeizure of the Bank's records is barred altogether
  2. BSeizure may be made only after a notice of thirty days to make good the deficit of stamp duty is givenCorrect
  3. CSeizure may be made at once, without notice, if acknowledgement is given
  4. DSeizure may be made only after the Registrar adjudicates the deficit

Explanation

The Orissa substituted Section 73(1) lets an authorised officer seize and impound records under proper acknowledgement. Its proviso says that for records in a Bank's custody, seizure is made only after thirty days' notice to make good the deficit. Immediate seizure is therefore wrong.

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