https://www.taxtmi.com/caselaws?id=248388 HC held that depreciation cannot be disallowed merely because legal title or registration under the Registration Act was not completed, where the assessee had possession and was using the assets as owner. Assets had been transferred by the State Government to the assessee-society, with value adopted as in the hands of the previous owner, consistent with s.32(1) and its Explanation. Relying on SC precedent in Mysore Minerals Ltd. v. CIT, HC affirmed that "ownership" for depreciation is not confined to registered title. The orders of CIT(A) and Tribunal allowing depreciation were upheld, and the Revenue's appeal was dismissed. en-us Fri, 03 Jan 2014 00:00:00 +0530 Thu, 27 Nov 2025 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248388 HC held that depreciation cannot be disallowed merely because legal title or registration under the Registration Act was not completed, where the assessee had possession and was using the assets as owner. Assets had been transferred by the State Government to the assessee-society, with value adopted as in the hands of the previous owner, consistent with s.32(1) and its Explanation. Relying on SC precedent in Mysore Minerals Ltd. v. CIT, HC affirmed that "ownership" for depreciation is not confined to registered title. The orders of CIT(A) and Tribunal allowing depreciation were upheld, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 03 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248388