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P. N. SHINGHAL, A. N. RAY, M. H. BEG
Madras Refineries LTD. – Appellant
Versus
Chief Controlling Revenue Authority, Board Of Revenue, Madras – Respondent
SHINGHAL, J.:- This appeal by special leave arises out of the decision of the Madras High Court dated 9-10-1974, on a reference by the Chief Controlling Revenue-authority under Section 57 of the Indian Stamp Act, 1899, hereinafter referred to as the Act. The Board of Revenue, Madras, which was the Chief Controlling Revenue-authority, initially stated the case raising the following questions for decision,-
(a) Whether the decision of the Board of Revenue that the instrument relating to the Deed of Trust and Mortgage would attract the levy of a Stamp Duty as laid down in Article 40 (b) of Schedule I of the Indian Stamp Act and that the debentures would be exempted from the levy of stamp duty is correct or not; and
(b) Whether the claim of the Respondent herein that the stamp duty is payable on the debenture under Article 27 (a) and on the Deed of Trust and Mortgage under Article 40 (c) is tenable or not?
The High Court directed the Board of Revenue to refer three additional questions, but ultimately took the view that the additional questions did not really arise in the case. It answered the first question in favour of the Revenue and the second question against the Madras Refin
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