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TMI Blog1985 (9) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... ent 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 share of capital in the firm did not require registration and as to whether the firm was entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, therefore, not be able to claim or exercise any exclusive right over any property which he has bro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 contribution towards the capital of the partnership firm, the building was partnership property and the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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