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of <h1>Court allows depreciation for building acquired on partnership dissolution</h1> <h3>Commissioner of Income Tax Versus General Electronics Haryana (P.) Ltd.</h3> Commissioner of Income Tax Versus General Electronics Haryana (P.) Ltd. - [2002] 254 ITR 76, 174 CTR 187, 120 TAXMANN 789 The High Court of Delhi addressed a question referred by the Income-tax Appellate Tribunal regarding the entitlement of an assessee-company to depreciation under section 32(1) of the Income-tax Act, 1961 for a building acquired on dissolution of a partnership. The court ruled in favor of the assessee based on a precedent set by the apex court in Mysore Minerals Ltd. v. CIT [1999] 239 ITR 775. The dispute pertained to the assessment year 1975-76.
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