In Brief
The appellants mortgaged property for Rs. 3,000 under a document (Exhibit P-33) claiming a right to redeem it. They argued it was a mortgage by conditional sale, while respondents contended it was an absolute sale with a repurchase condition. The Trial Court found it a sale with repurchase condition; the First Appellate Court reversed, calling it a conditional sale mortgage; the High Court again reversed. The Supreme Court upheld the High Court, holding that the document's recitals and the parties' intention—showing transfer of absolute ownership and possession without any income appropriation for interest—established it as a sale with repurchase condition, not a mortgage by conditional sale.
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