https://www.taxtmi.com/caselaws?id=193405 An instrument executed on the retirement of partners, which records account-taking, ascertainment of shares in partnership assets, and payment of those shares, is an adjustment of partnership rights and not a transfer of property inter vivos. It is therefore not a conveyance on sale chargeable under Article 25(b) of the Bombay Stamp Act. Where the firm continues and there is no extinction of the partnership, the instrument is also not a deed of dissolution under Article 47(b). In substance, such a document is an agreement or memorandum relating to retirement from the firm and is chargeable under Article 5 of the First Schedule. en-us Wed, 30 Sep 1970 00:00:00 +0530 Thu, 27 Jul 2017 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193405 An instrument executed on the retirement of partners, which records account-taking, ascertainment of shares in partnership assets, and payment of those shares, is an adjustment of partnership rights and not a transfer of property inter vivos. It is therefore not a conveyance on sale chargeable under Article 25(b) of the Bombay Stamp Act. Where the firm continues and there is no extinction of the partnership, the instrument is also not a deed of dissolution under Article 47(b). In substance, such a document is an agreement or memorandum relating to retirement from the firm and is chargeable under Article 5 of the First Schedule. Case-Laws Indian Laws Wed, 30 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193405