TMI Blog1981 (11) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... n pointing out that the factory building had fallen to the share of the assessee on the dissolution of the partnership and, therefore, registration of the building in favour of the assessee was not required. It was also pointed out that certain rulings relied upon, on behalf of the assessee of the hearing had not considered. The Tribunal found that this was correct and accordingly part of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the name of the company. 4. It was urged before the learned AAC that the building was wholly owned by the company and is used for the purpose of its business. Due to certain technical difficulties the registered sale deed could not be executed in favour of the assessee. It was pointed out that depreciation should be allowed on building owned by assessee and used for the purposes of business. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and consideration was paid by the assessee by allotting its shares on the face value of the sale price to the seller. Execution of the deed was postponed and it could not be executed during the previous year relevant to the assessment year1958-59. The question was whether the assessee was entitled to depreciation on the flour mill. The Delhi High Court held that the words being the property of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase but it had fallen to its share on dissolution of the partnership. Reliance was placed on the Supreme Court decision in the case of Malabar Fisheries Co. v. CIT [1979] 120 ITR 49 for the proposition that on dissolution of a partnership there is only a mutual adjustment of rights between the partners and there is no question of any extinguishment of the firm's rights in the partnership assets ..... X X X X Extracts X X X X X X X X Extracts X X X X
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