https://www.taxtmi.com/caselaws?id=69232 Brokerage on sale of buses may be deductible as revenue expenditure if incurred to secure the best price in the course of business, but the record was insufficient and the matter was remitted for fresh consideration. Transfer of five buses to a retiring partner did not conclusively attract section 41(2), because distribution of partnership assets in satisfaction of a partner's share on taking accounts is not treated as a taxable transfer; this question was also remitted for further enquiry. Unabsorbed depreciation of earlier years, after allocation to partners, could not be set off against the firm's later income, so that claim was rejected. en-us Fri, 17 Feb 1978 00:00:00 +0530 Tue, 05 Apr 2011 18:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69232 Brokerage on sale of buses may be deductible as revenue expenditure if incurred to secure the best price in the course of business, but the record was insufficient and the matter was remitted for fresh consideration. Transfer of five buses to a retiring partner did not conclusively attract section 41(2), because distribution of partnership assets in satisfaction of a partner's share on taking accounts is not treated as a taxable transfer; this question was also remitted for further enquiry. Unabsorbed depreciation of earlier years, after allocation to partners, could not be set off against the firm's later income, so that claim was rejected. Case-Laws Income Tax Fri, 17 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69232