https://www.taxtmi.com/caselaws?id=60984 The Appellate Tribunal ITAT Chandigarh allowed the appeal of the assessee regarding the disallowance of depreciation on assets received on the dissolution of a firm. The Tribunal held that the assessee, as the owner of the assets received on dissolution and used in the business as a sole proprietor, was entitled to claim depreciation under Rule 5 of the Income-tax Rules, 1962. They emphasized the legal position that the partner becomes the owner of such assets post-dissolution and dismissed the argument against allowing depreciation, directing the Income Tax Officer to consider depreciation for all assets used in the business. en-us Fri, 26 Feb 1982 00:00:00 +0530 Mon, 10 Jan 2011 12:33:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60984 The Appellate Tribunal ITAT Chandigarh allowed the appeal of the assessee regarding the disallowance of depreciation on assets received on the dissolution of a firm. The Tribunal held that the assessee, as the owner of the assets received on dissolution and used in the business as a sole proprietor, was entitled to claim depreciation under Rule 5 of the Income-tax Rules, 1962. They emphasized the legal position that the partner becomes the owner of such assets post-dissolution and dismissed the argument against allowing depreciation, directing the Income Tax Officer to consider depreciation for all assets used in the business. Case-Laws Income Tax Fri, 26 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60984