https://www.taxtmi.com/caselaws?id=39018 Transfer of proprietary business assets into a partnership firm did not amount to a sale because the assets were introduced without any sale deed, sale agreement, or ascertainable price. Since the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 applies only where machinery, plant or buildings are sold for a price, the depreciation recapture provision could not be invoked. The earlier depreciation allowance was therefore not includible in the assessee's income, and the reference was answered in favour of the assessee. en-us Thu, 24 Jun 1976 00:00:00 +0530 Mon, 12 Apr 2010 10:35:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39018 Transfer of proprietary business assets into a partnership firm did not amount to a sale because the assets were introduced without any sale deed, sale agreement, or ascertainable price. Since the second proviso to section 10(2)(vii) of the Indian Income-tax Act, 1922 applies only where machinery, plant or buildings are sold for a price, the depreciation recapture provision could not be invoked. The earlier depreciation allowance was therefore not includible in the assessee's income, and the reference was answered in favour of the assessee. Case-Laws Income Tax Thu, 24 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39018