https://www.taxtmi.com/caselaws?id=8480 On a real division of partnership assets through arbitration, with cash adjustment to equalise unequal allotments, the recipient's actual cost for depreciation is the value fixed for allotment and not the predecessor's written down value, unless the valuation is shown to be merely notional or collusive. Here, the arbitrators adopted a genuine valuation basis and no material supported any artificial inflation or deflation. The oil mill's actual cost to the assessee was therefore treated as the allotment value, and depreciation had to be computed on that basis. en-us Wed, 31 Mar 1971 00:00:00 +0530 Sun, 26 Apr 2009 22:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8480 On a real division of partnership assets through arbitration, with cash adjustment to equalise unequal allotments, the recipient's actual cost for depreciation is the value fixed for allotment and not the predecessor's written down value, unless the valuation is shown to be merely notional or collusive. Here, the arbitrators adopted a genuine valuation basis and no material supported any artificial inflation or deflation. The oil mill's actual cost to the assessee was therefore treated as the allotment value, and depreciation had to be computed on that basis. Case-Laws Income Tax Wed, 31 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8480