NATIONAL SECURITY ASSURANCE CO Vs. R RATILAL AND CO
HIGH COURT OF CALCUTTA
NATIONAL SECURITY ASSURANCE CO.
R.RATILAL AND CO.
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P.B.Mukharji, J. -
(1.) This is an appeal from the judgment of J. P. Mitter, J. decreeing the plaintiff's suit with costs and interest for the sum of Rs. 93,628-8-0. The plaintiff claimed a decree for Rs. 1,43,628-8-0. The learned trial Judge recorded the fact that a sum of Rs. 50,000 had already been paid and therefore he decreed the suit for the balance of the sum of Rs. 93,628-8-0.
(2.) The main point for decision in this appeal is the effect of an unstamped Protection Note under the law of insurance. The present suit was filed by the plaintiff on such an unstamped Protection Note which is also known as a Cover Note in respect of insurance against fire regarding plaintiff's stock of bidi leaves and tobacco. The decision depends on the construction of the provision for 'General Exemption' in Article 47 of Schedule 1 of the Indian Stamp Act.
(3.) Schedule 1 of the Indian Stamp Act is introduced by Section 3 of the Statute providing for instruments chargeable with duty. The opening words of Section 3 are :
"Subject to the provisions of this Act and the exemptions contained in Schedule 1, the following instruments shall be chargeable with duty of the amount indicated in that Schedule as the proper duty therefor, respectively" etc. Article 47 of Schedule 1 deals with 'policy of Insurance'. Various types of insurance are there mentioned, for instance, sea insurance, fire insurance, accident insurance, indemnity insurance, life insurance and Re-insurance. This Article 47 at the end concludes with the title 'General Exemption' providing as follows :
"Letter of cover or engagement to issue a policy of insurance : Provided that unless such letter or engagement bears the stamp prescribed by the Act for such policy, nothing shall be claimable thereunder, nor shall it be available for any purpose except to compel the delivery of the policy therein mentioned.";
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