Does a partner's interest in partnership property amount to his proportionate share of the assets once they are realised and converted into money?

Indian Partnership Act, 1932 — ss.7, 43, 46, 47, 48 — Dissolution of partnership at will — Valuation of partner's share in immovable assets — Indian Partnership Act, 1932 — s.48 — Right of partner on dissolution — Held: On dissolution of a partnership firm, every partner has a two-fold right — to have accounts settled as on the date of dissolution, and to share the residue of the assets after they are liquidated and the liabilities under Section 48 are satisfied. (¶57) Indian Partnership Act, 1932 — Dissolution — Cut-off date limited to profit ascertainment — Held further: The cut-off date fixed in a preliminary decree for rendition of accounts is significant only for ascertaining profits and losses up to that date, and has no bearing on the value of the residue of assets a partner is entitled to receive. (¶57) Indian Partnership Act, 1932 — Valuation on dissolution — Real, not notional, basis — Held further: An outgoing partner's share in the immovable assets of a dissolved partnership must be valued as on the date of actual assessment, since no partner may retain the benefit of appreciation in its value. (¶60) Indian Partnership Act, 1932 — Dissolution — Disposition — Held further: Retaining dissolved-partnership property in a reconstituted firm without paying the outgoing partner's share is impermissible, and freezing its value at the historical date of dissolution would be unfair and impractical; the civil appeal is dismissed. (¶¶60-61)