SHRI BHASKAR WAMAN JOSHI (deceased)AND OTHERS vs SHRI NARAYAN RAMBILAS AGARWAL(deceased) AND OTHERS

The Supreme Court held that the intention of the parties is paramount in determining whether a transaction labeled as a sale is actually a mortgage by conditional sale. The court emphasized that the relationship created by a mortgage involves a debtor and creditor, whereas a sale with a reconveyance clause does not. The court ruled that the deed in question, dated September 10, 1931, constituted a mortgage by conditional sale, allowing the transferors to redeem the property within the stipulated period, and thus upheld the transferors' right to redeem the property despite the transferees' claims of absolute conveyance.