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1991 (11) TMI 98 - ITAT BANGALOREExtract: .......nclude that when the assets of the firm are taken over by one of the partners at the time of dissolution, there is no transfer. Consequently, Explanation 3 to section 43(1) is inapplicable. The assessee is entitled to claim depreciation on the revaluated figure. We accordingly hold on the ground in favour of the assessee. 13. The appeal is allowed.
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