VEERASWAMI, C.J. :- This is a reference under Section 57 of the Indian Stamp Act, 1899. The Board has proposed to this court the following questions-

"(1) Whether the decision of the Beard of Revenue that the instrument relating in the deed of Trust and mortgage would attract the levy of 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 (2) Whether the claim of the respondent herein that the stamp duty is payable on the debentures under Article 27 (a) and on the deed of Trust and mortgage, under Article 40 (c) is tenable or not?"

This reference was heard before by the then Chief Justice along with two other learned Judges, who expressed no final opinion, but in exercise of the powers under Section 58 of the Stamp Act, called for a further reference propounding the following additional questions:

"1. Whether the President's guarantee in this case is a document liable to stamp duty under the Indian Stamp Act ?

2. If it is liable to stamp duty, whether it is entitled to the exemption contained in any of the provisions of the Indian Stamp Act; and

3. If it is f