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Dissolution of Partnership firm

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06 February 2009 A Partnership firm is in the process of dissolution. Firm is of Medical practitioners. Whether the firm can write off the medical equipment (fixed assets) from the books? If yes, under which section of Income tax act?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
06 February 2009 If the medical equipments are of no value at all. you can write it off. If it has any realisable value then if any parter is interested he can take them at the value arrived at and can adjust against his capital. General Deductions Section 37.
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