https://www.taxtmi.com/caselaws?id=71663 Depreciation under section 32 was held allowable where motor vehicles were purchased in the name of benamidars or remained registered in vendors' names, if the assessee had paid the consideration, taken delivery, and was the real beneficial owner. The Tribunal held that, for movable property, ownership is not determined by Motor Vehicles Act registration alone; the benamidar held the asset in a fiduciary capacity under section 82 of the Indian Trust Act, 1882. It further held that the Benami Transactions (Prohibition) Act, 1988 did not retrospectively alter ownership of pre-commencement transactions or convert the benamidar into the owner. The earlier position on beneficial ownership therefore continued to apply. en-us Tue, 09 Dec 1997 00:00:00 +0530 Wed, 25 Dec 2019 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71663 Depreciation under section 32 was held allowable where motor vehicles were purchased in the name of benamidars or remained registered in vendors' names, if the assessee had paid the consideration, taken delivery, and was the real beneficial owner. The Tribunal held that, for movable property, ownership is not determined by Motor Vehicles Act registration alone; the benamidar held the asset in a fiduciary capacity under section 82 of the Indian Trust Act, 1882. It further held that the Benami Transactions (Prohibition) Act, 1988 did not retrospectively alter ownership of pre-commencement transactions or convert the benamidar into the owner. The earlier position on beneficial ownership therefore continued to apply. Case-Laws Benami Property Tue, 09 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71663