On the basis of the above-mentioned legal provisions and the relevant case law, it may be concluded that, where a BTA is available in the form of a sales agreement, the stamp duty referred to in Article 5(c) of Annex I to the Stamps Act and the deed of transfer intended to transfer the assets of the company, whether movable or immovable, is subject to stamp duty: in so far as this applies to the nature of the asset transferred and to the act performed to register that transfer. Therefore, in order to understand the impact of stamp duty on the instant transaction, it is necessary to analyse the nature of the transferred asset and the instrument used to transfer it. When intellectual property is transferred with the company, elements of the intellectual property right may apply, such as the Trademark Act 1999 or the Copyright Act 1957. The Advance Ruling Authority found that the applicant intended to sell Sitarganj`s ongoing business with its assets and liabilities, and the sitarganj business in question is live/in service. The buyer bought the Sitarganj company to operate the same type of business. In addition, at present, there is no series of immediately consecutive transfers of this activity. With regard to fixed assets, reference is made to Duncans Industries Ltd v. The state of the UP , in which it was examined that, with the intention of transferring the entire commercial enterprise in real condition, including the plants, machinery and other assets, the machines that constituted the fertilizer plant, which are permanently buried, are considered „real estate assets” and are subject to stamp tax. In the case „Rajeev Bansal and Sudershan Mittal” – [2020 (4) TMI 67 – AUTHORITY FOR ADVANCE RULING, UTTARAKHAND], the applicant is a partnership company engaged in the construction of residential and commercial complexes. The company was founded for the construction and sale of a residential/commercial building in Manoharpur village, Jwalapur, Hardwar. The applicant has had the card approved by the competent authority.
The covered area was approximately 1.25 square feet of Lakh. A total carpet area of 85 thousand square feet was built up to the date of transmission. Ronav Infrastructure, which worked in the same activity, turned to the applicant to take over this incomplete project in order to continue the construction and sale of the building in question. . . .