The essential distinction hence is in looking at whether there is an allotment of the surplus assets, on dissolution, amongst the partners. If that is so, the partners who owned the assets together, during the existence of the partnership, had a right to share in the business in accordance with their shares. On dissolution and allotment of the remaining assets, even if there is immovable property, each goes with his share, not creating any new right. But when there is an assignment in favour of one or other and consideration is passed then it creates new rights on the immovable property. A deed creating such rights would have to be registered compulsorily and the creation of such right is a "release" under Article 48(b) to be stamped accordingly.
Equivalent Citation: 2015 (3) KHC 752
IN THE HIGH COURT OF KERALA
W.P. (C) No. 34751 of 2008
Decided On: 22.06.2015
Vinayakrishnan M.C. Vs.Commissioner for Land Revenue and Ors.
Hon'ble Judges/Coram:K. Vinod Chandran, J.
