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<h1>Court allows depreciation deduction for assets used by medical practitioner in partnership business.</h1> The court allowed the deduction for depreciation claimed by a medical practitioner in his individual assessment for assets used by a partnership firm in ... Income Tax Act The court allowed the deduction for depreciation claimed by a medical practitioner in his individual assessment for assets used by a partnership firm in which he was a member. The assets belonged to the practitioner and were used for his business through the firm, so the depreciation was deemed allowable under section 32 of the Income-tax Act. The court held that the business of a partnership is considered the business of the partners individually. The decision was in favor of the assessee, who was entitled to costs.
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