https://www.taxtmi.com/caselaws?id=63939 Depreciation under section 32 depends on ownership of the asset, and for an Indian ship ownership must be transferred in accordance with the Merchant Shipping Act, 1958, including previous Central Government approval and a written instrument of transfer. On the stated facts, no valid approval or effective transfer document was established, so contractual descriptions and treatment of the assessee as owner were insufficient to create legal ownership. De facto ownership was not recognised for section 32 purposes in these circumstances, and depreciation was therefore not available. en-us Fri, 22 Jun 1990 00:00:00 +0530 Wed, 02 Feb 2011 17:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63939 Depreciation under section 32 depends on ownership of the asset, and for an Indian ship ownership must be transferred in accordance with the Merchant Shipping Act, 1958, including previous Central Government approval and a written instrument of transfer. On the stated facts, no valid approval or effective transfer document was established, so contractual descriptions and treatment of the assessee as owner were insufficient to create legal ownership. De facto ownership was not recognised for section 32 purposes in these circumstances, and depreciation was therefore not available. Case-Laws Income Tax Fri, 22 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63939