https://www.taxtmi.com/caselaws?id=58136 The case involved the determination of actual cost for working out depreciation in respect of machineries taken over by a private limited company upon the dissolution of a firm. The court upheld the decision of the CIT(A) based on the Supreme Court ruling in Kaluram Govindram vs. CIT (1965) 57 ITR 335 (SC), allowing depreciation on the enhanced value of assets taken over by a partner during dissolution, emphasizing the importance of fair valuation without fraud or collusion. The ITAT affirmed the CIT(A)'s findings, emphasizing the principles of valuation and partners' rights in such transactions. en-us Sat, 19 Sep 1981 00:00:00 +0530 Fri, 17 Dec 2010 15:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58136 The case involved the determination of actual cost for working out depreciation in respect of machineries taken over by a private limited company upon the dissolution of a firm. The court upheld the decision of the CIT(A) based on the Supreme Court ruling in Kaluram Govindram vs. CIT (1965) 57 ITR 335 (SC), allowing depreciation on the enhanced value of assets taken over by a partner during dissolution, emphasizing the importance of fair valuation without fraud or collusion. The ITAT affirmed the CIT(A)'s findings, emphasizing the principles of valuation and partners' rights in such transactions. Case-Laws Income Tax Sat, 19 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58136