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Issues: Whether the document executed by one co-owner in favour of another co-owner was chargeable to stamp duty as a conveyance under Article 23 of Schedule I to the Indian Stamp Act or as a release under Article 55 of Schedule I.
Analysis: The decisive test is the real nature of the transaction and the rights created by the instrument, not its nomenclature. A release by one co-owner in favour of another existing co-owner does not require a transfer by conveyance, because the releasor already has a legal interest in the property and the effect of the release is only to enlarge the other co-owner's existing title. The distinction between joint tenancy and tenancy in common was held not to be material on the facts, since both parties were co-owners with undivided interests and the instrument merely renounced the releasor's claim in favour of a person already entitled to the property.
Conclusion: The document was rightly treated as a release under Article 55 of Schedule I to the Indian Stamp Act and not as a conveyance under Article 23.
Ratio Decidendi: An instrument by which one co-owner renounces his undivided interest in favour of another existing co-owner is a release, not a conveyance, and is chargeable under the release entry in the stamp schedule.
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