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2005 (12) TMI 54 - HC - Income Tax"1. Whether Tribunal was right in law in upholding the order of CIT, passed u/s 263, directing AO to withdraw the depreciation granted to the appellant on properties allotted to it on the dissolution of the partnership firm? 2. Whether Tribunal was right in holding that allotment of properties to the partners on the dissolution of the firm resulted in transfer requiring registration u/s 17 of the Registration Act, 1908,totally ignoring the principles to the contrary laid down by the hon'ble Supreme Court in the case reported in S.V. Chandra Pandian v. S.V. Sivalinga Nadar ? 3. Whether Tribunal was right in law in holding that CIT, was right in holding that the appellant was not the owner of the property allotted to it in the dissolution of the partnership firm?" - Held that the reasoning given by the Tribunal for non-suiting the appellant for claiming depreciation on the ground that on dissolution of partnership, the property allotted to the share of the assessee has not been registered, is not in accordance with law, as explained by the Supreme Court and thus, the Tribunal committed an error of law. In the light of the reasoning stated by us, all the three questions are answered in favour of the assessee.
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