https://www.taxtmi.com/caselaws?id=12331 The High Court upheld the decision of the Tribunal and ruled in favor of the Revenue against the assessee. The court determined that the assessee was not entitled to claim depreciation based on the market value of assets taken over from a dissolved firm but only on the value fixed by the Income-tax Officer under the provision. The court justified the invocation of Explanation 3 to section 43(1) of the Income Tax Act, 1961, as the transfer of assets was primarily for gaining higher depreciation benefits, leading to the disallowance of a portion of claimed depreciation by the Assessing Officer. en-us Thu, 13 Dec 2001 00:00:00 +0530 Sun, 21 Feb 2010 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12331 The High Court upheld the decision of the Tribunal and ruled in favor of the Revenue against the assessee. The court determined that the assessee was not entitled to claim depreciation based on the market value of assets taken over from a dissolved firm but only on the value fixed by the Income-tax Officer under the provision. The court justified the invocation of Explanation 3 to section 43(1) of the Income Tax Act, 1961, as the transfer of assets was primarily for gaining higher depreciation benefits, leading to the disallowance of a portion of claimed depreciation by the Assessing Officer. Case-Laws Income Tax Thu, 13 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12331