https://www.taxtmi.com/caselaws?id=8610 The court held that depreciation on a building owned by a partner and used for the firm's business is an admissible deduction in computing the partner's share of profit from the firm. The court emphasized that expenses incurred for earning income from a partnership business, including depreciation, are deductible. The court rejected the argument that deductions were limited to interest paid on capital borrowed, noting that legislative history allowed for deductions under various provisions. The Commissioner of Income-tax was directed to pay the costs of the reference to the assessee, including the advocate's fee. en-us Fri, 23 Jun 1972 00:00:00 +0530 Fri, 08 May 2009 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8610 The court held that depreciation on a building owned by a partner and used for the firm's business is an admissible deduction in computing the partner's share of profit from the firm. The court emphasized that expenses incurred for earning income from a partnership business, including depreciation, are deductible. The court rejected the argument that deductions were limited to interest paid on capital borrowed, noting that legislative history allowed for deductions under various provisions. The Commissioner of Income-tax was directed to pay the costs of the reference to the assessee, including the advocate's fee. Case-Laws Income Tax Fri, 23 Jun 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8610