https://www.taxtmi.com/caselaws?id=13040 The court ruled in favor of the Revenue over the assessee regarding the validity of allowing depreciation on assets taken over by a new partnership at enhanced rates due to the absence of dissolution of the partnership firm. However, the court sided with the assessee in the issues of entitlement to development rebate at a higher rate for plant and machinery in the textile industry and entitlement to initial depreciation for plant and machinery in the textile industry, emphasizing the inclusive nature of the term "textiles" to cover items like cotton yarn and ruling in favor of broader benefits for yarn manufacturing. en-us Wed, 22 Nov 2000 00:00:00 +0530 Tue, 26 May 2009 10:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13040 The court ruled in favor of the Revenue over the assessee regarding the validity of allowing depreciation on assets taken over by a new partnership at enhanced rates due to the absence of dissolution of the partnership firm. However, the court sided with the assessee in the issues of entitlement to development rebate at a higher rate for plant and machinery in the textile industry and entitlement to initial depreciation for plant and machinery in the textile industry, emphasizing the inclusive nature of the term "textiles" to cover items like cotton yarn and ruling in favor of broader benefits for yarn manufacturing. Case-Laws Income Tax Wed, 22 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13040