https://www.taxtmi.com/caselaws?id=289473 An instrument executed on dissolution of a partnership, by which one partner relinquished his undivided interest in the assets for money and the other partner took over the business assets and liabilities, was treated in substance as a conveyance rather than a mere release. The use of the word "release" did not control classification where the operative effect was transfer of an interest in common property for consideration. Where the instrument answered both the release and conveyance descriptions in the Schedule, Section 6 required the higher stamp duty to be paid, so the deed was chargeable as a conveyance under Article 19. en-us Fri, 22 Oct 1965 00:00:00 +0530 Sat, 01 Aug 2020 10:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289473 An instrument executed on dissolution of a partnership, by which one partner relinquished his undivided interest in the assets for money and the other partner took over the business assets and liabilities, was treated in substance as a conveyance rather than a mere release. The use of the word "release" did not control classification where the operative effect was transfer of an interest in common property for consideration. Where the instrument answered both the release and conveyance descriptions in the Schedule, Section 6 required the higher stamp duty to be paid, so the deed was chargeable as a conveyance under Article 19. Case-Laws Indian Laws Fri, 22 Oct 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289473