Any competently conceived tank should be built with the capacity for future expansion. So it is not a wonder that late versions of well conceived tank from a generation behind can be upgraded to come close to coping with early models of tanks one generation ahead. Even Sherman ultimately proved to be able to compete in some ways with tanks from T-54/55 generation. But they can not compete comprehensively. They also lack the potential to keep up with the later generation in future upgrades. You are comparing the early versions of T34/76 at the beginning of its lifecycle with the substantially evolved version of PzKfg IV or the most evolved version of PzKfg III at middle or late part of their respective life sysle. Comparing like for like would see T34/85 -1944 compared with PzKfg IV Ausf F or G, or PzKfg III Ausf J.
I was comparing tank of the same time period as you could have seen. The tank designs were of the same era as well. My statements holds true. I compared the:
But anyhow, a T34/76 with the F34 can reliably kill a PzIII of 1942 at around 500m, A PzIII of the same era can kill a T34 at the same range... HE on the other hand... favors the larger barrel. A 75mm L43 armed PzIV can reliably kill a T34 out at 1000m, while the 75mm/48 to 1500m. Thus therefore, the soviets answered with the T34/85 with the D5T to reduce the German invulnerability zone. Given combat range is rarely over 700m and kills over 1500m makes the headlines... it is rather moot.
T34/76 model 1940 - Pz3 Ausf G
T34/76 model 1941 - Pz3 Ausf H/K
T34/76 model 1942 - Pz4 Ausf F2
T34/85 model 1943 - Pz4 Ausf H
You will see that my statement is correct in terms of relative dates on the battlefield.
T34 family
A20: 1937 first prototype 20mm sloped armor, 45mm gun
A32: 1939 unarmored and upguned revised design after the battle of khalin gol, 32mm armor + 76.2mm L30.5 gun
A34: 1940; final prototype of T34, 45mm armor, 76.2mm L30.5mm gun
T34/76 model 1940 initial production of T34, 45mm armor, 76.2mm L30.5mm gun
T34/76 model 1941 uparmored turret 45mm to 52mm, upguned to 76.2mm L42.5
T34/76 model 1942 new hexigonal bigger turret with 70mm armor
T34/76 model 1943 production with radio
T34/85 model 1943 new 3 man turret with more armor 90mm, and upgun to 85mm L51.6
T34/85 model 1944 refinements...
PzIII family
Ausf A, B, C, D were small batch preproduction development models 1937-1939;
Ausf E, F first production model 1939-1940;
Ausf G,H upgunned to 50mm L42 and up armored 30+30 front plate 1940-1941;
Ausf J,K upguned to 50mm L60, armored to 50mm (50mm plate is stronger than 30+30mm plate) 1941-1942
Ausf L,M uparmored to 50+20mm and tweaking of design 1942-1943
Ausf N rearmed with 75mm L24 1942-1943
PzIV family
VK2001 1935 tender
Ausf A, B, C, D were small batch preproduction development models 1937-1939
Ausf E, first production model 1940-1941
Ausf F1 more armor 30mm->50mm, wider tracks 1941-1942
Ausf F2, G up gunned 75mm L43, and later up armored to 50+30mm armor L43 1942-1943
Ausf H, Up gunned to 75mm L48, armor to 80mm + 5mm skirt 1943-1944
Ausf J, last ditch model,
So I don't know where your idea of generation gap comes from, certainly nothing like the M4 and the T54. The Pz III, Pz IV and T34 basically entered service at the same time, left the drawing board at the same time and entered serial production at the same time. There is no generation gap and each is competitive with each other at the various phases of their life.
But this is relatively meaningless too, the T44 family => T44, T54, T55, T64, T72, T90 which is truly a redesign of each preceding tank with updated technologies can compete well with M26, M46, M47, M48, M60, M60-2000/Sabre family which is of the same era; and can compete more or less equally; depending your national sentiment; with the much newer Abrams, Leopard family which genesis comes ~30 years after the first T44 were produced. The lines are really blurred