https://www.taxtmi.com/caselaws?id=7910 Exercise of a statutory option to purchase an electricity undertaking completes a sale for Income-tax Act purposes when the option is exercised; subsequent payment of the balance price or absence of a fixed statutory date does not defer the sale. Depreciation previously allowed from the undertaking's inception may be taxed where the same business continues through a reconstituted partnership. Changes in partners, including admission, retirement, death or substitution, do not alter the firm's identity as an assessable unit merely under technical partnership-law principles. en-us Thu, 26 Feb 1970 00:00:00 +0530 Tue, 24 Mar 2009 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7910 Exercise of a statutory option to purchase an electricity undertaking completes a sale for Income-tax Act purposes when the option is exercised; subsequent payment of the balance price or absence of a fixed statutory date does not defer the sale. Depreciation previously allowed from the undertaking's inception may be taxed where the same business continues through a reconstituted partnership. Changes in partners, including admission, retirement, death or substitution, do not alter the firm's identity as an assessable unit merely under technical partnership-law principles. Case-Laws Income Tax Thu, 26 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7910