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The High Court of Madras ruled that the depreciation allowed to a firm prior to reconstitution should not be taken into account when computing profits under section 41(2) of the Income-tax Act, 1961. The court held that the firm is dissolved upon the death of a partner, and the depreciation granted to the dissolved firm cannot be included in the calculation. The Tribunal's decision was upheld, and the question was answered in the negative, against the Department.
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