https://www.taxtmi.com/caselaws?id=11531 The court held that the income of the business carried on by AOPs-13 till November 20, 1994, should not be assessed in the hands of AOPs-3. Deduction for interest and service charges was upheld, while legal expenses were not allowed as revenue expenditure. AOPs-3 was entitled to 50% depreciation, and deductions for patent rights and know-how were disallowed. Profits earned during the previous association were deductible, but trademarks and copyrights were not considered part of plant and machinery for depreciation. Accumulated profits were not allowed as revenue expenditure, while interest paid to outgoing partners was deductible. The Department's appeals were allowed in part. en-us Thu, 19 Dec 2002 00:00:00 +0530 Thu, 14 Jan 2010 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11531 The court held that the income of the business carried on by AOPs-13 till November 20, 1994, should not be assessed in the hands of AOPs-3. Deduction for interest and service charges was upheld, while legal expenses were not allowed as revenue expenditure. AOPs-3 was entitled to 50% depreciation, and deductions for patent rights and know-how were disallowed. Profits earned during the previous association were deductible, but trademarks and copyrights were not considered part of plant and machinery for depreciation. Accumulated profits were not allowed as revenue expenditure, while interest paid to outgoing partners was deductible. The Department's appeals were allowed in part. Case-Laws Income Tax Thu, 19 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11531