https://www.taxtmi.com/caselaws?id=71498 The Appellate Tribunal ITAT Pune dismissed the appeal regarding the rectification of an assessment order under section 154 of the Income-tax Act for the assessment year 1984-85. The Tribunal held that the assessee, governed by the Portuguese Civil Code, was not entitled to claim depreciation as the full owner of the assets due to communal ownership principles. Relying on section 32 of the Income-tax Act and relevant case law, the Tribunal concluded that being a fractional owner, the assessee could not avail depreciation benefits, affirming the decision to withdraw depreciation. en-us Mon, 06 Mar 1995 00:00:00 +0530 Mon, 25 Apr 2011 12:24:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71498 The Appellate Tribunal ITAT Pune dismissed the appeal regarding the rectification of an assessment order under section 154 of the Income-tax Act for the assessment year 1984-85. The Tribunal held that the assessee, governed by the Portuguese Civil Code, was not entitled to claim depreciation as the full owner of the assets due to communal ownership principles. Relying on section 32 of the Income-tax Act and relevant case law, the Tribunal concluded that being a fractional owner, the assessee could not avail depreciation benefits, affirming the decision to withdraw depreciation. Case-Laws Income Tax Mon, 06 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71498