https://www.taxtmi.com/caselaws?id=9074 Property contributed by partners as capital becomes partnership property under the Partnership Act, and a dissolution clause governing how that asset will vest on winding up does not change its character during the firm's continuance. On that basis, the Palace contributed to the firm was treated as an asset of the partnership, not merely a right of use. Depreciation was therefore allowable to the firm under the income-tax provision considered. en-us Wed, 16 Jul 1969 00:00:00 +0530 Fri, 19 Jun 2009 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9074 Property contributed by partners as capital becomes partnership property under the Partnership Act, and a dissolution clause governing how that asset will vest on winding up does not change its character during the firm's continuance. On that basis, the Palace contributed to the firm was treated as an asset of the partnership, not merely a right of use. Depreciation was therefore allowable to the firm under the income-tax provision considered. Case-Laws Income Tax Wed, 16 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9074