https://www.taxtmi.com/caselaws?id=118902 Depreciation on ships is available where the taxpayer has de facto ownership through purchase, delivery, transfer documentation and operational control, notwithstanding later formal registration under merchant-shipping law. Business use is satisfied where vessels are operated, kept ready for use or passively used in shipping operations; the absence of freight income may reflect income-recognition timing rather than non-use. For block-of-assets computation, sale-related incidental expenses necessarily incurred to effect a ship sale reduce the net sale consideration. Such expenses are treated as a charge against sale proceeds rather than capital acquisition expenditure. en-us Fri, 12 Aug 2005 00:00:00 +0530 Fri, 06 Jul 2012 15:37:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118902 Depreciation on ships is available where the taxpayer has de facto ownership through purchase, delivery, transfer documentation and operational control, notwithstanding later formal registration under merchant-shipping law. Business use is satisfied where vessels are operated, kept ready for use or passively used in shipping operations; the absence of freight income may reflect income-recognition timing rather than non-use. For block-of-assets computation, sale-related incidental expenses necessarily incurred to effect a ship sale reduce the net sale consideration. Such expenses are treated as a charge against sale proceeds rather than capital acquisition expenditure. Case-Laws Income Tax Fri, 12 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118902