https://www.taxtmi.com/caselaws?id=39268 The High Court held that depreciation allowance was not permissible for the partnership firm as it did not own the assets in question, emphasizing the necessity of ownership for claiming depreciation under section 32 of the Income-tax Act. The court rejected the Tribunal's decision to allocate depreciation among partners based on the partnership deed, ruling in favor of the department and denying the firm's entitlement to depreciation. Judge D. M. Sen concurred with the decision, answering the reference question negatively and making no cost orders. en-us Wed, 12 Mar 1975 00:00:00 +0530 Wed, 14 Apr 2010 12:32:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39268 The High Court held that depreciation allowance was not permissible for the partnership firm as it did not own the assets in question, emphasizing the necessity of ownership for claiming depreciation under section 32 of the Income-tax Act. The court rejected the Tribunal's decision to allocate depreciation among partners based on the partnership deed, ruling in favor of the department and denying the firm's entitlement to depreciation. Judge D. M. Sen concurred with the decision, answering the reference question negatively and making no cost orders. Case-Laws Income Tax Wed, 12 Mar 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39268