According to Section 2(23) of the Indian Stamp Act, 1899, the term **"…

Question

According to Section 2(23) of the Indian Stamp Act, 1899, the term **"receipt"** includes any note, memorandum or writing:

Accepted Answer

B. {'text': 'Whereby any money or any bill of exchange, cheque or promissory note is acknowledged to have been received; or whereby any debt is acknowledged to have been satisfied or discharged', 'label': 'B'}

1. Section 2(23) of the Act defines "receipt" inclusively.
2. The definition covers a note, memorandum or writing: (a) acknowledging receipt of money, BoE, cheque or promissory note; (b) acknowledging receipt of other movable property in satisfaction of a debt; (c) acknowledging that any debt has been satisfied or discharged; or (d) signifying any such acknowledgement, signed or unsigned.
3. A mere acknowledgement of receipt of **immovable property** will NOT attract sub-clause (b).
4. Ordinary cash memos issued by a shopkeeper are not receipts unless they acknowledge receipt of money.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 14 (Indian Stamp Act, 1899), pp. 337-353._

Answer

{'text': 'Whereby any oral promise to pay money in the future is recorded by any third party under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'A'}

Answer

{'text': 'Whereby any oral acknowledgement of receipt of any movable property is recorded by any third party under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'C'}

Answer

{'text': 'Whereby any oral promise to deliver any agricultural produce is recorded by any third party under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'D'}