(PER : HONOURABLE MR.JUSTICE M.R. SHAH)

1.0. Present Stamp Reference under Section 54(1)(a) of the Bombay Stamp Act, 1958 (hereinafter referred to as “Stamp Act”) is made by the Chief Controlling Revenue Authority, Gujarat State, Gandhinagar for the opinion of this Court with respect to the following questions.

“(A) Whether the objection raised by the Account General, Ahmedabad in audit para, in the year 2008 is proper or not, as per Article 45(F) of the Bombay Stamp Act, 1958 or not?

(B) Whether the Asset Reconstruction Company (India) Limited is liable to pay stamp duty of Rs.24,94,100/i.e. 4.9% stamp duty as per Article 20(A) of the Bombay Stamp Act or not?”

2.0. Facts leading to the present reference in nutshell are as under:

2.1. That one Jai Bharat Steel Company (hereinafter referred to as “said company”) obtained a loan from the Oriental Bank of Commerce, New Delhi (hereinafter referred to as “Bank”) for an amount of Rs.5.09 Crores. That after execution of the necessary documents, the said loan was disbursed in favour of the said company. It appears that thereafte