hereinabove that a release deed by which a partner or partners release their rights and interest in the partnership in favour of the remaining partners ... firm, i.e., all the partners quo the partners can be considered to be entitled. The partners may be entitled jointly or in common
other partner. Accordingly, the two partners of the firm
executed the deeds individually in favour of the other partner releasing their
respective 1/3rd share ... market value of the
partner or partners in favour immovable property which is
of other partners the subject matter of release
relinquishing his or their
Partners and the Retiring Partners and all the covenants, declarations and agreements on the part of the continuing Partners hereinafter contained the Retiring Partners ... retiring partners shall not have any right or interest therein.
10. The Continuing Partners hereby covenant with the Retiring Partners that the Continuing Partners shall
partner or partners in favor of other partners relinquishing his or their rights over the immovable property when the release is between family members ... matter of release.
14. In the light of above discussion, I am of the view that the Release Deed entered into among partners, presented
continuing
partners of the other part. In the name of the partnership firm, the retired
partners are the original partners and they were constructed ... rupees for every
partner or partners in Rs.100/- or part thereof of
favour of other the market value of the
partners relinquishing immovable property
continuing partners have
taken over all the rights over industrial converted lands at Khasra.
No.230 and the retiring partner have released and relinquished ... continuing partners have taken
over all the rights over the industrial land at Khasra No.230 and the
retiring partner has released and relinquished
release, deed... ... ...Rs. 25,000."
11. Thus, both the entries referred to the release deed, and it is thus clear that the release deed ... managing partner of the firm and the partner in whose favour the property was transferred is the only other partner in the same firm
partner the retired partner's share or interest in the partnership and the partnership assets, which is a capital asset, is relinquished, assigned, released ... between partners upon dissolution and the rules of settelment of accounts between the partners mentioned therein are subject to agreement by the partners, in other
continuing partners reasonably require for giving effect to the provisions thereof. The retiring partner shall execute a separate document releasing in favour of the continuing ... continuing partners shall be jointly and severally liable to the retiring partner for the payments mentioned in paragraph 2 and that the retiring partner shall
carried on by the continuing partners whose shares were defined. The retiring partner released all his claims to his share of goodwill and assets ... April, 1959 as continuing partners, the goodwill and assets having devolved on them by the outgoing partner Mclean releasing his claims therein in their favour
