https://www.taxtmi.com/caselaws?id=8441 A partnership is not treated as a new assessable entity merely because partners retire and others are introduced if the business continues with substantially the same assets, permit and control. In that situation, depreciation allowed in earlier years must be carried forward in computing the written down value for section 10(2)(vii) of the Income-tax Act, 1922. On the facts accepted, the sale of buses was taxable only to the extent the sale consideration exceeded the written down value, and not on the entire proceeds. The taxable amount was therefore restricted to the excess over the written down value recorded on the material before the court. en-us Fri, 29 Jan 1971 00:00:00 +0530 Wed, 15 Apr 2009 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8441 A partnership is not treated as a new assessable entity merely because partners retire and others are introduced if the business continues with substantially the same assets, permit and control. In that situation, depreciation allowed in earlier years must be carried forward in computing the written down value for section 10(2)(vii) of the Income-tax Act, 1922. On the facts accepted, the sale of buses was taxable only to the extent the sale consideration exceeded the written down value, and not on the entire proceeds. The taxable amount was therefore restricted to the excess over the written down value recorded on the material before the court. Case-Laws Income Tax Fri, 29 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8441