https://www.taxtmi.com/caselaws?id=26075 A partner's contribution of immovable property to partnership capital is treated as bringing the asset into the firm's property, without requiring a separate registered transfer. The contributing partner loses exclusive rights over the property once it becomes part of the partnership assets. On that basis, the firm is entitled to claim depreciation on the building as a partnership asset. The Rajasthan High Court treated these points as settled by earlier binding authority, answered the issues against the Revenue, and held that no referable question of law arose. en-us Wed, 11 Sep 1985 00:00:00 +0530 Tue, 02 Feb 2010 16:00:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26075 A partner's contribution of immovable property to partnership capital is treated as bringing the asset into the firm's property, without requiring a separate registered transfer. The contributing partner loses exclusive rights over the property once it becomes part of the partnership assets. On that basis, the firm is entitled to claim depreciation on the building as a partnership asset. The Rajasthan High Court treated these points as settled by earlier binding authority, answered the issues against the Revenue, and held that no referable question of law arose. Case-Laws Income Tax Wed, 11 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26075