Satish Chandra, J. - (1.) THE Board parties -have settled among themselves of Revenue has submitted this state- the assets and liabilities. They have ment of the case and has referred the divided the same into two lots. Lot 'A' following questions to this Court under is aiiotted to Manohar'Das Gupta while Section 57, Stamp Act:- "I Whether the document under, under reference is a deed of dissolution of partnership come instruments of partition under Articles 45, Schedule I-B of the U.P. stamp (Amendement) Act, 1962 read with section 6 the same Act? 2. If so, whether liabilities which the liabilities allotted to the share of do not constitute a charge against the first party, as given in lot 'A' and properties to be partitioned are required that the liabilities allotted to the share ed to be deducted from the value of the second party, as given in lot 'B', the assets allotted to each co-owner? shall be paid and satisfied by the second party. Paragraphs 7 and 8 of 3. If answer to the above question the deed provide that, if one party be in the affirmative, then it may also does not pay and satisfy, the liabilities kindly be indicated as to what is the allotted to it and, for that reason, value of the two shares in this case other party to this deed has to suffer for the purpose of calculating duty anv ioss and damage, then the party under Article 45 aforesaid? 4. In case the document is not an instrument of partition, is it merely a deed of dissolution of partnership and is chargeable under Article 46-B, Schedule I-B of the U, P. Stamp (Amend ment) Act, 1962 with a fixed duty of Rs. 22.50? 5. If the deed is not covered by any of the categories aforesaid, what is the correct nature of the document and what amount of stamp duty is charge able in respect thereof?"
(2.) THE document in question is dated 30th October, 1967. It is head ed as a deed of dissolution between Manohar Das Gupta and Gopal Das Gupta. It states that the parties were carrying on business in partnership under the name and style of M/s. Ram Das Monohardas, a registered firm. The two partners have decided to dissolve the firm and to divide the assets and liabilities thereof. The partnership stands dissolved from the date of the document. After taking into account the assets and liabilities of the firm, the parties have settled among themselves the assets and liabilities. They have divided the same into two lots. Lot 'A1 is allotted to Manohar 'Das Gupta while Lot 'B' is allotted to Gopal Das Gupta. Paragraph 5 of the deed states that the parties are fully conscious that the assets allotted to each of them res pectively are much less in value than the liabilities allotted to them. Para graph 6 of the deed provides that the first party shall pay and discharge all the liabilities allotted to the share of the first party, as given in lot 'A' and that the liabilities allotted to the share of the second party, as given in lot shall be paid and satisfied by the second party. Paragraphs 7 and 8 of the deed provide that, if one party does not pay and satisfy, the liabilities allotted to it. and, for that reason, other party to this deed has to suffer any loss and damage, then the party suffering such loss or damage shall be entitled to realise the same from the other party.
(3.) THE details of the two lots are as follows: "Lot A : Allotted to Sri Manohar Das Gupta party No. 1 Liabilities Assets Sundry creditors : Rs. 56, 700.53 ' Capital account of Total Rs. 1, 70, 481-56 Sri Manohar Das. Rs. 8, 71, 863.51 Balance net Liabilities t Rs. 2, 58, 082.48'' 'Lot B: Allotted to Sri Gopal Das Gupta party No. 2 Liabilities Assets Sundry creditors : Rs, 5, 14, 802.68 Capital account of Total Rs. 3, 98, 141.12 Sri Gopal Das Gupta : Rs. 139, 856.88 Balance net Liabilities : Rs. 2, 56, 518.32" ;