1997 (7) TMI 8 - SUPREME COURT

Transfer of assets by firm to company - erstwhile partners were allotted shares - ITO held that depreciation allowed to the assessee-firm in respect of the assets transferred by the firm to the said company was chargeable to tax u/s 41(2) - held that provisions of section 41(2) were not applicable - Tribunal was not right in holding that the status of the assessee was a registered firm and not that of an association of persons