https://www.taxtmi.com/caselaws?id=278944 A transaction described as a lease was treated as a mortgage because the instrument disclosed a debtor-creditor relationship, a transfer of property as security for repayment, and repeated statements that the property was mortgaged; the substance and intention of the parties prevailed over nomenclature. On the accounting issue, a mortgagee in possession is ordinarily bound to render accounts, but that duty is excluded where the deed allows the mortgagee to appropriate the entire income in lieu of interest. As the deed expressly authorised appropriation of receipts and imposed a separate fixed payment obligation, the mortgagee was not liable to account, and the contractual terms controlled the arrangement. en-us Fri, 23 May 1958 00:00:00 +0530 Tue, 26 Feb 2019 10:00:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278944 A transaction described as a lease was treated as a mortgage because the instrument disclosed a debtor-creditor relationship, a transfer of property as security for repayment, and repeated statements that the property was mortgaged; the substance and intention of the parties prevailed over nomenclature. On the accounting issue, a mortgagee in possession is ordinarily bound to render accounts, but that duty is excluded where the deed allows the mortgagee to appropriate the entire income in lieu of interest. As the deed expressly authorised appropriation of receipts and imposed a separate fixed payment obligation, the mortgagee was not liable to account, and the contractual terms controlled the arrangement. Case-Laws Indian Laws Fri, 23 May 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278944