https://www.taxtmi.com/caselaws?id=197442 An instrument creating only a floating charge over a company's assets does not amount to a mortgage deed for stamp duty purposes unless it effects a present transfer of an interest in specified property. Because the charge here was expressly contingent and became enforceable only on crystallisation upon specified events, it did not create a present encumbrance over identified assets. The earlier decision was distinguished on the ground that the security there was immediately enforceable. The deed was therefore held outside Section 2(17) of the Indian Stamp Act, 1899, and not chargeable under Article 40(b) of Schedule I. en-us Thu, 10 Oct 1974 00:00:00 +0530 Sat, 06 Jan 2018 14:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197442 An instrument creating only a floating charge over a company's assets does not amount to a mortgage deed for stamp duty purposes unless it effects a present transfer of an interest in specified property. Because the charge here was expressly contingent and became enforceable only on crystallisation upon specified events, it did not create a present encumbrance over identified assets. The earlier decision was distinguished on the ground that the security there was immediately enforceable. The deed was therefore held outside Section 2(17) of the Indian Stamp Act, 1899, and not chargeable under Article 40(b) of Schedule I. Case-Laws Indian Laws Thu, 10 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197442