https://www.taxtmi.com/caselaws?id=288282 A document dissolving a partnership firm and recording settlement of mutual rights on dissolution, including payment to outgoing partners and separate hypothecation to secure those payments, was not a deed of release. The court held that dissolution does not by itself transfer specific partnership property; it only adjusts accounts and distributes rights and liabilities. For the same reason, the instrument was not a conveyance, because it did not effect an inter vivos transfer of property for price but merely embodied settlement of claims on dissolution. It was therefore treated as a dissolution deed coupled with three mortgages and not charged as a conveyance. en-us Thu, 06 May 1971 00:00:00 +0530 Sat, 30 May 2020 10:40:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288282 A document dissolving a partnership firm and recording settlement of mutual rights on dissolution, including payment to outgoing partners and separate hypothecation to secure those payments, was not a deed of release. The court held that dissolution does not by itself transfer specific partnership property; it only adjusts accounts and distributes rights and liabilities. For the same reason, the instrument was not a conveyance, because it did not effect an inter vivos transfer of property for price but merely embodied settlement of claims on dissolution. It was therefore treated as a dissolution deed coupled with three mortgages and not charged as a conveyance. Case-Laws Indian Laws Thu, 06 May 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288282