https://www.taxtmi.com/caselaws?id=460062 For stamp duty purposes, the decisive inquiry is the true legal character and primary operative effect of the instruments, not their labels. The Court held that the deed of trust and mortgage was the principal security for the loan transaction, while the guarantee agreement was only collateral; its description as absolute and unconditional did not change that character, so the mortgage deed remained chargeable. It further held that Section 4(1) of the Indian Stamp Act, 1899 was not attracted because the debentures were issued under and secured by the mortgage deed, and the guarantee agreement was neither a sale, mortgage, nor settlement. The mortgage deed therefore remained the principal instrument for stamp duty purposes. en-us Wed, 05 Jan 1977 00:00:00 +0530 Thu, 09 Jan 2025 16:26:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460062 For stamp duty purposes, the decisive inquiry is the true legal character and primary operative effect of the instruments, not their labels. The Court held that the deed of trust and mortgage was the principal security for the loan transaction, while the guarantee agreement was only collateral; its description as absolute and unconditional did not change that character, so the mortgage deed remained chargeable. It further held that Section 4(1) of the Indian Stamp Act, 1899 was not attracted because the debentures were issued under and secured by the mortgage deed, and the guarantee agreement was neither a sale, mortgage, nor settlement. The mortgage deed therefore remained the principal instrument for stamp duty purposes. Case-Laws Income Tax Wed, 05 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460062