https://www.taxtmi.com/caselaws?id=5760 For depreciation under section 32 of the Income-tax Act, 1961, "owned" is not confined to absolute legal title under the Transfer of Property Act; it extends to a person who has acquired possession in its own right, exercises dominion over the property to the exclusion of others, and uses it for business. A formal deed of conveyance and registration are relevant to title but are not indispensable where the assessee has substantially acquired the incidents of ownership for business purposes. On that basis, the assessee is entitled to depreciation on buildings despite the absence of a registered conveyance deed. en-us Wed, 01 Sep 1999 00:00:00 +0530 Wed, 05 Mar 2025 17:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5760 For depreciation under section 32 of the Income-tax Act, 1961, "owned" is not confined to absolute legal title under the Transfer of Property Act; it extends to a person who has acquired possession in its own right, exercises dominion over the property to the exclusion of others, and uses it for business. A formal deed of conveyance and registration are relevant to title but are not indispensable where the assessee has substantially acquired the incidents of ownership for business purposes. On that basis, the assessee is entitled to depreciation on buildings despite the absence of a registered conveyance deed. Case-Laws Income Tax Wed, 01 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5760