2001 (8) TMI 28 - HC - Income Tax

Summary

The High Court of Delhi addressed a question referred by the Income-tax Appellate Tribunal regarding the entitlement of an assessee-company to depreciation under section 32(1) of the Income-tax Act, 1961 for a building acquired on dissolution of a partnership. The court ruled in favor of the assessee based on a precedent set by the apex court in Mysore Minerals Ltd. v. CIT [1999] 239 ITR 775. The dispute pertained to the assessment year 1975-76.