Supreme Court Allows Revenue's Appeal and Holds Transfer of Theatres to Partners on Dissolution Attracts Second Proviso to Section 10(2)(vii), Income-tax Act, 1922. The Return of Cinema Theatres by the Partnership to the Original Owners Amounted to a Transfer Resulting in Recoupment of Depreciation, Attracting Taxation of Excess Depreciation Under the Second Proviso.
8 Nov 1967The dispute arose from the dissolution of a partnership consisting of two individuals, each of whom owned a cinematograph theatre. With effect from Ma...
