https://www.taxtmi.com/caselaws?id=36394 Property contributed by partners to a firm's common stock becomes partnership property under section 14 of the Indian Partnership Act, so no separate registered instrument is required merely because the contribution is immovable property. On that basis, the contributed asset was treated as part of the firm's assets in favour of the assessee. Depreciation on the property was also allowable under the applicable income-tax law, as the point had already been decided between the same parties for earlier assessment years and that view was followed. The overall position therefore supported the assessee on both the partnership-property and depreciation questions. en-us Fri, 04 Jul 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:22:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36394 Property contributed by partners to a firm's common stock becomes partnership property under section 14 of the Indian Partnership Act, so no separate registered instrument is required merely because the contribution is immovable property. On that basis, the contributed asset was treated as part of the firm's assets in favour of the assessee. Depreciation on the property was also allowable under the applicable income-tax law, as the point had already been decided between the same parties for earlier assessment years and that view was followed. The overall position therefore supported the assessee on both the partnership-property and depreciation questions. Case-Laws Income Tax Fri, 04 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36394