Depreciation Claim Denied for Payments to Outgoing Partner; No Asset Created Under Income Tax Act Section 32(1)(ii.

Depreciation - payment to outgoing partner - Assessee has simply passed debit entry and credit entry in respective accounts in the books of account and, therefore, it is not a case where the assessee has created any asset on which depreciation in view of the provisions of section 32(1)(ii) is allowable.... - AT .....

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