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1972 (6) TMI 2 - MADRAS HIGH COURTDepreciation under section 10(2)(vi) of the Income-tax Act, 1922, and section 32(1) of the Income-tax Act, 1961- Partnership between the assessee (who became the absolute owner of the capital, deposits, outstandings and other properties in three Burmah Shell agencies) and working partners to carry on business - working partners have only a right to share the profits or loss of the partnership business and they have no right or claim against the partnership assets – held that, it is the firm which is entitled to depreciation on these assets, not the assessee
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