https://www.taxtmi.com/caselaws?id=331711 For Section 50(1)(iii), acquisition of an office building was treated as complete when the allotment letter fixed the essential terms, consideration was fully paid, rights under the agreement crystallised, and fit-out activity commenced, even though formal possession or actual use had not begun. The addition under Section 50 was therefore deleted. For depreciation under Section 32, ownership alone was insufficient because the building and machinery were not put to use before the close of the previous year; mere availability for fit-outs did not satisfy the user requirement. The disallowance of depreciation was sustained, resulting in partial relief to the assessee. en-us Wed, 24 Aug 2016 00:00:00 +0530 Wed, 31 Aug 2016 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331711 For Section 50(1)(iii), acquisition of an office building was treated as complete when the allotment letter fixed the essential terms, consideration was fully paid, rights under the agreement crystallised, and fit-out activity commenced, even though formal possession or actual use had not begun. The addition under Section 50 was therefore deleted. For depreciation under Section 32, ownership alone was insufficient because the building and machinery were not put to use before the close of the previous year; mere availability for fit-outs did not satisfy the user requirement. The disallowance of depreciation was sustained, resulting in partial relief to the assessee. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331711