https://www.taxtmi.com/caselaws?id=29045 The court confirmed the assessment under section 41(2) of the Income-tax Act, 1961, regarding depreciation allowed to the assessee. It held that the sale of assets before the dissolution of the partnership justified the assessment. The bidding among partners was not considered a distribution of assets on dissolution, as the sale occurred prior to dissolution. No rectification was found necessary in the Tribunal's order. The court ruled in favor of the Revenue on all issues, with no costs awarded. en-us Thu, 12 Nov 1981 00:00:00 +0530 Wed, 10 Mar 2010 14:02:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29045 The court confirmed the assessment under section 41(2) of the Income-tax Act, 1961, regarding depreciation allowed to the assessee. It held that the sale of assets before the dissolution of the partnership justified the assessment. The bidding among partners was not considered a distribution of assets on dissolution, as the sale occurred prior to dissolution. No rectification was found necessary in the Tribunal's order. The court ruled in favor of the Revenue on all issues, with no costs awarded. Case-Laws Income Tax Thu, 12 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29045