Allowability of Depreciation on Transfer of Business to wholly owned subsidiary?

HIGH COURT OF MADRAS Sree Jayajothi & Co. Ltd. Versus Commissioner of Income-tax-II, Mumbai TAX CASE (APPEAL) NO.471 OF 2006 SEPTEMBER 11, 2012 JUDGMENT Mrs. Chitra Venkataraman, J. – The assessee is on appeal as against the order of the Tribunal relating to the assessment year 1997-98, raising the following questions of law:-  1.  Whether the Appellate Tribunal is right in law in holding that in respect of depreciation in case of transfers on succession under Section 170 read with the fifth proviso to Section 32(1)(ii) will not be applicable ? 2.  Whether the Tri...