https://www.taxtmi.com/caselaws?id=40183 An arbitral award distributing the residue of dissolved partnership firms did not amount to a partition or transfer of immovable property requiring registration under section 17(1) of the Registration Act. The analysis treats a partner's interest as confined to the surplus remaining after discharge of liabilities, so allocation of partnership assets on dissolution is a mutual adjustment of rights under the Partnership Act. Even where the award used language of exclusive allotment to individual partners, its legal character remained a distribution of partnership residue rather than an extinguishment of interest in specific immovable property. en-us Mon, 11 Jan 1993 00:00:00 +0530 Sat, 14 May 2016 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40183 An arbitral award distributing the residue of dissolved partnership firms did not amount to a partition or transfer of immovable property requiring registration under section 17(1) of the Registration Act. The analysis treats a partner's interest as confined to the surplus remaining after discharge of liabilities, so allocation of partnership assets on dissolution is a mutual adjustment of rights under the Partnership Act. Even where the award used language of exclusive allotment to individual partners, its legal character remained a distribution of partnership residue rather than an extinguishment of interest in specific immovable property. Case-Laws Income Tax Mon, 11 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40183