https://www.taxtmi.com/caselaws?id=178350 The High Court ruled against the assessee's claim for depreciation allowance and development rebate under sections 10(2)(vi) and 10(2)(vib) of the Income-tax Act for the assessment year 1957-58. The Court emphasized the necessity of ownership of the asset for claiming these allowances, rejecting the argument that mere possession sufficed. The judgment underscored that under a hire purchase agreement, the hirer does not automatically become the owner, thereby disallowing the tax benefits sought by the assessee. The decision clarified the strict ownership requirement for availing depreciation allowance and development rebate under the specified sections. 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 The High Court ruled against the assessee's claim for depreciation allowance and development rebate under sections 10(2)(vi) and 10(2)(vib) of the Income-tax Act for the assessment year 1957-58. The Court emphasized the necessity of ownership of the asset for claiming these allowances, rejecting the argument that mere possession sufficed. The judgment underscored that under a hire purchase agreement, the hirer does not automatically become the owner, thereby disallowing the tax benefits sought by the assessee. The decision clarified the strict ownership requirement for availing depreciation allowance and development rebate under the specified sections. Case-Laws Income Tax Fri, 23 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178350