SATISH CHANDRA, J. :- The Board of Revenue has submitted this statement of the case and has referred the following questions to this Court under Section 57, Stamp Act :-

"1. Whether the document under reference is a deed of dissolution of partnership cum instrument of partition under Article 45, Schedule I-B of the U. P. Stamp (Amendment) Act, 1962 read with Section 6 of the same Act?

2. If so, whether liabilities which do not constitute a charge against the properties to be partitioned are required to be deducted from the value of the assets allotted to each co-owner?

3. If answer to the above question be in the affirmative, then it may also kindly be indicated as to what is the value of the two shares in this case for the purpose of calculating duty 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 (Amendment) 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 charger able in respect thereof?"

2. The document in question is dated 30th October, 1967. It is headed 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 'A' is allotted to Manohar Das Gupta while Lot 'B' is allotted to Gopal Das Gupta.

3. Paragraph 5 of the deed states that the parties are fully conscious that the assets allotted to each of them respectively are much less in value than the liabilities allotted to them. Paragraph 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 'B', 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.

4. 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, 481-58

Sri Manohar Das. Rs. 3,71,863.51

Balance net Liabilities :

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"

5. The Board of Revenue held that the document was also an instrument of partition liable to duty as such, because thereby the two parties, who were joint owners of the firm, divided its assets and liabilities amongst themselves. The document cannot be taken out of that category, merely because the partition is in the course of dissolution of partnership. The document was also a deed of dissolution, but nonetheless it was chargeable as partition-deed, with higher duty of Rs. 3,836.25 under Article 45, Schedule I-B of the U. P. Stamp Act, on Rupees 1,70.481.56 representing the value of the lower share.

6. The Board observed that it is a fact that certain liabilities have also fallen to the share of each partner but they should not be taken into account so as to reduce the value of the shares for th