https://www.taxtmi.com/caselaws?id=21682 The High Court upheld the Tribunal's decision, ruling against the assessee's entitlement to depreciation on assets recorded in the partnership's books. Despite the partnership deed specifying the assets as the individual's exclusive property, the Court emphasized that for accounting purposes, the assets were considered partnership property. The judgment clarified that the issue solely concerned depreciation entitlement, not asset ownership. Citing precedent, the Court supported the Department's position, affirming the denial of depreciation benefits due to the consistent accounting treatment of the assets as firm property. en-us Fri, 25 Jun 1982 00:00:00 +0530 Thu, 26 Nov 2009 17:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21682 The High Court upheld the Tribunal's decision, ruling against the assessee's entitlement to depreciation on assets recorded in the partnership's books. Despite the partnership deed specifying the assets as the individual's exclusive property, the Court emphasized that for accounting purposes, the assets were considered partnership property. The judgment clarified that the issue solely concerned depreciation entitlement, not asset ownership. Citing precedent, the Court supported the Department's position, affirming the denial of depreciation benefits due to the consistent accounting treatment of the assets as firm property. Case-Laws Income Tax Fri, 25 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21682