https://www.taxtmi.com/caselaws?id=8508 Existing business assets contributed to a partnership and used in the firm's business become partnership property for depreciation purposes. The exclusion of proprietary rights for working partners in the deed did not keep the assets in the original proprietor's individual ownership; it only denied those rights to the other partners. Once the assets and machinery were used by the partnership, the statutory conditions for depreciation under section 10(2)(vi) of the 1922 Act and section 32(1) of the 1961 Act were met. Accordingly, depreciation belonged to the firm, and the individual partner could not claim depreciation separately for the same assets. en-us Thu, 29 Jun 1972 00:00:00 +0530 Mon, 27 Apr 2009 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8508 Existing business assets contributed to a partnership and used in the firm's business become partnership property for depreciation purposes. The exclusion of proprietary rights for working partners in the deed did not keep the assets in the original proprietor's individual ownership; it only denied those rights to the other partners. Once the assets and machinery were used by the partnership, the statutory conditions for depreciation under section 10(2)(vi) of the 1922 Act and section 32(1) of the 1961 Act were met. Accordingly, depreciation belonged to the firm, and the individual partner could not claim depreciation separately for the same assets. Case-Laws Income Tax Thu, 29 Jun 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8508