https://www.taxtmi.com/caselaws?id=313241 An instrument executed by one co-owner in favour of another existing co-owner is to be classified by its real legal effect, not by its label. Where the releasor already has an undivided interest, the instrument merely renounces that interest and enlarges the other co-owner's title; it does not operate as a conveyance requiring a transfer of ownership. The distinction between joint tenancy and tenancy in common was treated as immaterial on these facts because both parties were co-owners with existing interests. The document was therefore chargeable as a release under Article 55 of Schedule I to the Indian Stamp Act, not as a conveyance under Article 23. en-us Tue, 28 Feb 1967 00:00:00 +0530 Tue, 02 Apr 2024 09:44:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313241 An instrument executed by one co-owner in favour of another existing co-owner is to be classified by its real legal effect, not by its label. Where the releasor already has an undivided interest, the instrument merely renounces that interest and enlarges the other co-owner's title; it does not operate as a conveyance requiring a transfer of ownership. The distinction between joint tenancy and tenancy in common was treated as immaterial on these facts because both parties were co-owners with existing interests. The document was therefore chargeable as a release under Article 55 of Schedule I to the Indian Stamp Act, not as a conveyance under Article 23. Case-Laws Indian Laws Tue, 28 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313241