https://www.taxtmi.com/caselaws?id=9342 The court held in favor of the assessee, affirming their entitlement to claim full depreciation allowance under section 32. It was determined that the adjustment of rights among partners upon dissolution does not constitute a transfer under section 34(2)(ii). The court emphasized that depreciation is allowable for assets used at any time during the year, without limitation based on the duration of ownership. The decision favored the assessee, concluding that they are entitled to full depreciation for assets used for any part of the year, even if another entity claims depreciation for the same assets in the same year. en-us Wed, 30 Mar 2005 00:00:00 +0530 Mon, 22 Jun 2009 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9342 The court held in favor of the assessee, affirming their entitlement to claim full depreciation allowance under section 32. It was determined that the adjustment of rights among partners upon dissolution does not constitute a transfer under section 34(2)(ii). The court emphasized that depreciation is allowable for assets used at any time during the year, without limitation based on the duration of ownership. The decision favored the assessee, concluding that they are entitled to full depreciation for assets used for any part of the year, even if another entity claims depreciation for the same assets in the same year. Case-Laws Income Tax Wed, 30 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9342