ITAT allows Depreciation on car in partner name

NVR Cinema Vs ITO (ITAT Chennai) Section 4 of the Partnership Act defines partnership as the relation between person who had agreed to share the profit of the business carried on by all or any of them acting for all. Partners are collectively called as “firm”. Thus Partnership is merely an association of individuals and the firm’s name is only a collective name of those individuals who constitute the firm. Therefore as per common law the partnership firm is not a legal entity. Only the Income Tax law for the purpose of income tax recognize partnership firm as a distinct personality. Ther...