ANANTANARAYANAN, C.J. :- These references under Section 57 of the Indian Stamp Act 1899, are closely inter-related in the substantial question involved, namely, what was precisely decided in Crompton Engineering Co., (Madras) Ltd. v. Chief Controlling Revenue Authority Madras, 1953-1 Mad LJ 620 : (AIR 1953 Mad 764) (F. B.) and how far should the dicta in that judgment be pressed with regard to an unregistered instrument, which, but for registration, is effective to transfer rights as a conveyance or a deed of mortgage? Of the three references, R. C. 13 of 1965 is the most significant, on the facts, and the arguments were really elaborated in this case. Therefore, we consider it most appropriate to deal with this reference immediately, and in detail. The question for our decision is :

"Whether the instrument in question is not liable to be stamped under Art. 23 of Sch. I of the Stamp Act, even though it is not registered, and whether instruments in general are to be stamped on execution notwithstanding that other conditions which validate the transfer of rights which the instruments purport to make are not present?"

Before dealing with the main issue, in this select referenc