https://www.taxtmi.com/caselaws?id=12864 The court upheld the assessee's claim for depreciation under section 34(2)(ii) of the Income-tax Act after converting a proprietary business into a partnership firm. The conversion did not constitute a sale, allowing the assessee to retain depreciation benefits. The judgment clarified the distinction between sale and capital contribution in a partnership, supporting the assessee's entitlement to depreciation in such scenarios. The decision favored the assessee, resolving the reference without costs. en-us Mon, 13 Aug 2001 00:00:00 +0530 Fri, 22 May 2009 15:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12864 The court upheld the assessee's claim for depreciation under section 34(2)(ii) of the Income-tax Act after converting a proprietary business into a partnership firm. The conversion did not constitute a sale, allowing the assessee to retain depreciation benefits. The judgment clarified the distinction between sale and capital contribution in a partnership, supporting the assessee's entitlement to depreciation in such scenarios. The decision favored the assessee, resolving the reference without costs. Case-Laws Income Tax Mon, 13 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12864