(1) IN THE HIGH COURT OF JUDICATURE AT BOMBAY, AURANGABAD BENCH, AT AURANGABAD. WRIT PETITION NO. 454 OF 1999 1. B.D. Thole and Sons, through its partner, Shri Kailashchand B. Thole, Major, Occupation : Trade, R/o. Kopargaon 423 601. 2. M/s. Shingi and Company, a partnership firm through its partner, Shri Ajit Shantilal Shingi, Major, Occupation : Trade, R/o. Kopargaon 423 601. 3. Shri Sona Sadi Centre, a partnership firm through its partner, Shri Ravindra Shantilal Lohade, Major, Occupation : Trade, R/o. Kopargaon 423 601. 4. M/s. Shri Agro Services Pvt. Ltd., a private limited company registered under the provisions of Companies Act, carrying on business at Kopargaon. 5. M/s. Anand Pharma, a partnership firm through its partner, Shri Anand Chandrakant Thole, Major, Occupation : Trade, R/o. Kopargaon 423 601. (2) 6. M/s. Dharamchand Premchand, a partnership firm, through its partner, Shri Ajit Nemichand Lohade, Major, Occupation : Trade, R/o. Kopargaon 423 601. 7. "Shahanai", a partnership firm through its partner, Shri Vinodkumar Gopaldas Mundada, Major, Occupation : Trade, R/o. Kopargaon 423 601. .. Petitioners. versus 1. The State of Maharashtra, through its Secretary, Revenue and Forest Department, Mantralaya, Mumbai 400 032. 2. The Collector (Stamps), Ahmednagar. 3. The District Deputy Registrar, Cooperative Societies, At Ahmednagar. 4. The Director of Stamps, Maharashtra State, Pune. 5. The Kopargaon People's Cooperative Bank Limited, Kopargaon, District : Ahmednagar. .. Respondents. ....................... (3) Mr. S.P. Shah, Advocate, holding for Mr. P.M. Shah, Senior Advocate, for the petitioners. Mr. K.G. Patil, Assistant Government Pleader, for respondent nos. 1 to 4. Mr. Girish Rane, Advocate, for respondent no.5. ........................ CORAM : B.R. GAVAI & S.V. GANGAPURWALA, JJ. DATE : 11TH AUGUST 2010 ORAL JUDGMENT (Per S.V. Gangapurwala, J.) : 1. The petitioners have impugned the order dated 10th March 1998, issued by the Collector (Stamps), Ahmednagar, thereby directing the Kopargaon People's Cooperative Bank Ltd., Kopargaon, to deposit the stamp duty in respect of the loan documents executed from its members on account of disbursement of loan as per the provisions of Articles 6 and 40 of the Bombay Stamp Act, 1958. 2. Mr. S.P. Shah, learned Counsel appearing for the petitioners, contends that the documents, in question, are promissory notes and such documents do not come within the ambit and purview of the provisions of the Bombay Stamp Act, (4) inasmuch as, they would be governed by the provisions of the Indian Stamp Act. According to him, the order impugned is passed without jurisdiction. He also contends that it is against the public interest. 3. We have perused the said documents on record. On bare perusal of the said documents, it is manifest that the said documents are not promissory notes, but are hypothetication agreement and also security documents executed by the sureties. The hypothetication agreement is chargeable with the stamp duty as per Article 6 of the Bombay Stamp Act and the agreement of surety is chargeable with the stamp duty as per Article 54 of the Bombay Stamp Act, which again is referable to Article 40 of the said Act. In that view of the matter, it was within the powers of the Collector (Stamps) to issue such order. 4. The next contention, that this stamp duty is excessive and against the public interest, cannot be gone into. It is the policy of the State to enhance the stamp duty. It is a fiscal measure on the part of the State for the purpose of revenue. The policy decision cannot be a subject matter of judicial review unless the said policy is arbitrary or irrational. In the present case, the said policy cannot be said to be arbitrary. 5. In the light of the above, we do not find any merit in (5) the contention of the petitioners. As such, the Writ Petition is dismissed. Rule is discharged. Needless to state, that the interim relief stands vacated. However, there shall be no order as to costs. ( S.V. GANGAPURWALA ) ( B.R. GAVAI ) JUDGE JUDGE ......................... bgp/454wp