https://www.taxtmi.com/caselaws?id=60973 The Tribunal ruled in favor of the assessee-firm, allowing depreciation on assets acquired after the dissolution of an earlier firm at the written down value. They emphasized the valuation process and transfer of assets from the old firm to the new one, citing similarities in partnership deeds and asset valuation with a previous decision. The Tribunal rejected the department's reliance on different cases, highlighting the genuine valuation of assets and distinguishing between firm dissolution and reconstitution. Ultimately, the Tribunal overturned the Assessing Officer's decision, upholding depreciation on the written down value of assets post-dissolution. en-us Mon, 13 Jan 1986 00:00:00 +0530 Mon, 10 Jan 2011 12:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60973 The Tribunal ruled in favor of the assessee-firm, allowing depreciation on assets acquired after the dissolution of an earlier firm at the written down value. They emphasized the valuation process and transfer of assets from the old firm to the new one, citing similarities in partnership deeds and asset valuation with a previous decision. The Tribunal rejected the department's reliance on different cases, highlighting the genuine valuation of assets and distinguishing between firm dissolution and reconstitution. Ultimately, the Tribunal overturned the Assessing Officer's decision, upholding depreciation on the written down value of assets post-dissolution. Case-Laws Income Tax Mon, 13 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60973