https://www.taxtmi.com/caselaws?id=61134 On dissolution of a partnership, where an existing partner-company continued the business with the firm's assets, liabilities, rights and obligations, the arrangement was treated as an adjustment of rights among partners rather than a transfer of assets. Applying the Supreme Court principle on dissolution and succession, the machinery was not regarded as transferred so as to defeat statutory allowances. As the other conditions for the claim were met, depreciation and development rebate remained allowable to the assessee-firm, and the disallowance was held to be incorrect. en-us Thu, 15 Oct 1981 00:00:00 +0530 Tue, 11 Jan 2011 10:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61134 On dissolution of a partnership, where an existing partner-company continued the business with the firm's assets, liabilities, rights and obligations, the arrangement was treated as an adjustment of rights among partners rather than a transfer of assets. Applying the Supreme Court principle on dissolution and succession, the machinery was not regarded as transferred so as to defeat statutory allowances. As the other conditions for the claim were met, depreciation and development rebate remained allowable to the assessee-firm, and the disallowance was held to be incorrect. Case-Laws Income Tax Thu, 15 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61134