1975 (12) TMI 67 - HC - Income Tax

Summary

The court allowed the deduction for depreciation claimed by a medical practitioner in his individual assessment for assets used by a partnership firm in which he was a member. The assets belonged to the practitioner and were used for his business through the firm, so the depreciation was deemed allowable under section 32 of the Income-tax Act. The court held that the business of a partnership is considered the business of the partners individually. The decision was in favor of the assessee, who was entitled to costs.