( 1 ) THIS is a reference made to us by the Chief Controlling Revenue Authority under sec. 54 (1a) of the Bombay Stamp Act 1958 The question which arises for consideration on the reference is as to what is the proper Article of the Act under which a certain instrument executed between the partners of Messrs. Veto Industries is chargeable. To determine the question it is necessary to refer briefly to a few facts giving rise to the reference. Prior to Aso Vad Amas Samvat Year 2021 ten persons carried on business in partnership in the firm name of Messrs. Velo Industries. Three of them retired from the firm with effect from Aso Vad Amas Samvat Year 2021 leaving the other seven as continuing partners of the firm. The terms and conditions of retirement were recorded in an instrument dated 24/10/1963 executed by and between the partners and since the entire controversy between the parties has turned on the true interpretation of this instrument it would be desirable to set out some of its material provisions in extenso. They read according to their English translation:-1 We have retired from the firm of Messrs. Velo industries with effect from Aso Vad Amas Samvat Year 2021 and you have taken over the administration of the firm in its present condition together with all goods debts outstanding transactions tenancy and lease hold rights quotas permits licenses etc. as also goods properties reserve funds tools equipment etc. and all liabilities of the firm and you are entitled to carry on the business in partnership between yourselves or by taking new partners. Ali rights and liabilities resulting from the administration of the business of the firm hereafter will now devolve upon you and your new administration. 2 It is agreed between us that the accounts including determination of profit of the present administration upto Aso Vad Amas Samvat Year 2021 are to be settled between us by mutual consent as soon as possible and whatever is the amount coming to the share of each of us is to be credited in his respective account with the firm and no one is to be entitled to raise any objection to the same. 3 Now we retiring partners and you continuing partners agree and acknowledge by mutual consent and also bind ourselves to that effect that the accounts of the present administration for Samvat Year 2021 or for any other previous year are not to be reopened on any account and mutually we abandon and give up our right to do so. Whatever is the amount by way of profit or otherwise credited or debited to our respective accounts as a result of settlement of accounts already made is final and binding upon all of us. 4 The amounts which are lying credited to the respective accounts of each of the retiring partners shall be treated as a loan given to the firm by each one of us and if any of us demands it at any time it shall be returnable by the firm. The outstanding debts and liabilities of the present administration are to be discharged by you the continuing partners and other partners whom you may admit in the firm. So also whatever are the debts or outstanding they are to be taken by you. The liability of the firm for sales-tax will also have to be discharged by you. 5 We retiring partners have no right title or interest in any registration licence permits quotas etc. which belong to the firm or which might hereafter to be acquired by the firm on account of the present administration of the firm and you continuing partners or any other new firm which you may constitute will be entitled to all such registration licenses permits and quotas. This instrument was submitted for registration at the office of the Sub - Registrar of Assurances on 15/11/1965. The Sub-Registrar registered the instrument but took the view that it was a conveyance on sale and therefore chargeable to stamp duty under Article 25 of Schedule I of the Act and since the stamp of Rs. 30/which was fixed on the instrument was insufficient he impounded the instrument