https://www.taxtmi.com/caselaws?id=49312 On partition of a Hindu undivided family, depreciation for an asset allotted to a member is computed with reference to the value at which the member takes over the asset, not the original cost to the larger joint family. Where the asset is allotted on a real valuation or auction price, that amount constitutes the member's cost for depreciation purposes under the Income-tax Act, 1922. The historical family cost does not continue to govern the asset in the hands of the divided member, although a concurring view treated the member's pre-existing share differently from the portion acquired on partition. en-us Mon, 05 Apr 1965 00:00:00 +0530 Wed, 20 Aug 2014 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49312 On partition of a Hindu undivided family, depreciation for an asset allotted to a member is computed with reference to the value at which the member takes over the asset, not the original cost to the larger joint family. Where the asset is allotted on a real valuation or auction price, that amount constitutes the member's cost for depreciation purposes under the Income-tax Act, 1922. The historical family cost does not continue to govern the asset in the hands of the divided member, although a concurring view treated the member's pre-existing share differently from the portion acquired on partition. Case-Laws Income Tax Mon, 05 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49312