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Grade/ Attribution : 1906 British India 1/4 Anna

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What you call a "chip off" would be more completely called a lamination error. There are other types of planchet errors (clipped planchet, split planchet, etc) so the specific type of yours looks to be a lamination error. You can see the definition here. If that is indeed what it is, then yes, NGC will attribute that kind of error. Just go to eBay and type in "NGC Lamination" and you will see several examples of coins graded with this attributed error.

 

As for the grade of the coin, I would guess in the neighborhood of MS64RB. I love the flow lines, and the scroll work design on the reverse is just stunning! (thumbs u

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