By the Court.—This is a reference made by the Chief Controlling Revenue Authority under Section 57 of the Indian Stamp Act, 1899 (Stamp Act). On the consent of the parties, the questions referred were remoulded as follows:

“Whether the deed executed by the applicant with the underlying securities taken for consideration would be chargeable with duty under Article 62(c) of Schedule 1-B of the Indian Stamp Act or not ?

Or

Whether it would be covered under Article 23 (a) or (b) of the Schedule 1-B of the Act ?”

2. Statement of the case submitted by the Board of Revenue shows that the document under reference is a Deed of Assignment (Instrument) executed at Mumbai, between Kotak Mahindra Bank, a banking company within meaning of the Banking Regulation Act, 1949 (B.R. Act 1949), registered under the Companies Act, 1956 (Assignee) and State Bank of India, a statutory corporation incorporated under the provisions of State Bank of India Act, 1955 (Assignor);

3. Assignor in the course of its business advanced financial facilities to various borrowers, who in turn executed agreement/instrument (s) of mortgage in lieu thereof.

4. Debts at Rs. 177.49 crore were outstanding towards prin