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1972 (6) TMI 6 - ANDHRA PRADESH HIGH COURTWhether in computing the assessed share of profit from the firm, depreciation on the building owned by the assessee, in which the business of the firm was run, was an admissible deduction – section 37 is in the same terms as the provisions contained in section 10(2)(xv) of the Act of 1922 and the decisions on section 10(2)(xv) of the Act of 1922 have a direct bearing on the interpretation of section 37(1) - held that, there is nothing which precludes the application of sections 30 to 37 to a partner's share income from the firm - in computing the assessee's share of profit from the firm, New Taj Mahal Hotel, Hyderabad, the depreciation on the building owned by the assessee in which the business of the firm was run was an admissible deduction
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