https://www.taxtmi.com/caselaws?id=10642 The court held that the assessee cannot be taxed under Section 41(2) of the Income-tax Act for profits from machinery previously depreciated by a dissolved partnership firm. The court emphasized that the firm and its partners are not distinct entities, and therefore, the assessee should not be liable for the depreciation benefit claimed by the firm. The decision favored the assessee, ruling against the Revenue, and the reference was disposed of with no order as to costs. en-us Thu, 21 Jul 2005 00:00:00 +0530 Mon, 20 Jul 2009 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10642 The court held that the assessee cannot be taxed under Section 41(2) of the Income-tax Act for profits from machinery previously depreciated by a dissolved partnership firm. The court emphasized that the firm and its partners are not distinct entities, and therefore, the assessee should not be liable for the depreciation benefit claimed by the firm. The decision favored the assessee, ruling against the Revenue, and the reference was disposed of with no order as to costs. Case-Laws Income Tax Thu, 21 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10642