https://www.taxtmi.com/caselaws?id=178350 Depreciation allowance under the Indian Income-tax Act, 1922 is available only for an asset that is the assessee's property, and development rebate follows the same ownership requirement because it is linked to the actual cost of the machinery or plant to the assessee. Applying that principle, a bus held under a hire purchase arrangement by a non-owner does not qualify for either allowance. Section 12(3) was read consistently with this position, supporting the rule that allowances on hired assets belong to the owner of the property. Authorities cited for the assessee did not establish entitlement for a hirer without ownership. en-us Fri, 23 Feb 1962 00:00:00 +0530 Tue, 02 Feb 2016 18:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178350 Depreciation allowance under the Indian Income-tax Act, 1922 is available only for an asset that is the assessee's property, and development rebate follows the same ownership requirement because it is linked to the actual cost of the machinery or plant to the assessee. Applying that principle, a bus held under a hire purchase arrangement by a non-owner does not qualify for either allowance. Section 12(3) was read consistently with this position, supporting the rule that allowances on hired assets belong to the owner of the property. Authorities cited for the assessee did not establish entitlement for a hirer without ownership. Case-Laws Income Tax Fri, 23 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178350