1985 (9) TMI 20

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....E, Delhi, was right in holding that no question of law referable to this court arises in the present case. The assessee is a registered firm. It claimed depreciation in respect of certain immovable properties which were contributed by one of the partners as his share of the capital in the firm. The question arose as to whether the immovable properties brought in by one of the partners as his sh....

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....bring in as capital money or even property including immovable property. Once that is done, whatever is brought in would cease to be the exclusive property of the person who brought it in. It would be the trading asset of the partnership in which all the partners would have interest in proportion to their share in the joint venture of the business of partnership. The person who brought it in would....

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.... assets of the firm as requiring registration. It was observed that even if a property contributed by one partner be an immovable property, no document, registered or otherwise, is required for transferring the property to the partnership. On the second question, it was held in the earlier Amber Corporation's case [1974] 95 ITR 178 (Raj), that when property was brought in by partner as his cont....