Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2003 (3) TMI 56 - HC - Income Tax
"(i) Whether, Tribunal was justified in holding that the provisions of section 45(1) and (4) are not attracted even though there was a transfer of assets from the firm to the newly constituted company on conversion of firm to company under Part IX of the Companies Act, 1956? - (ii) Whether, Appellate Tribunal was justified in directing to allow depreciation for the year even though the written down value of the block of the assets at the end of the year was nil as per the provisions of section 32 read with section 43(6)(c)(i)(B) of the Act?" - both the aforestated questions are answered in the affirmative, i.e., in favour of the assessee and against the Department.