https://www.taxtmi.com/caselaws?id=7163 Ownership for section 9 of the Indian Income-tax Act, 1922 depends on subsisting dominion or control, not merely abstract title. Where evacuee legislation vested property in a custodian and restricted the evacuee's powers, the Court treated ownership as statutorily suspended during the relevant years, so the former owner could not claim annual letting value or related deductions; that issue was decided against the assessee. By contrast, where business goods were purchased in Pakistan currency, the cost had to be translated into Indian currency at the official exchange rate to compute true profit or loss, so the business loss claim was upheld. The references were thus answered partly against and partly in favour of the assessee. en-us Wed, 20 Sep 1967 00:00:00 +0530 Wed, 11 Feb 2009 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7163 Ownership for section 9 of the Indian Income-tax Act, 1922 depends on subsisting dominion or control, not merely abstract title. Where evacuee legislation vested property in a custodian and restricted the evacuee's powers, the Court treated ownership as statutorily suspended during the relevant years, so the former owner could not claim annual letting value or related deductions; that issue was decided against the assessee. By contrast, where business goods were purchased in Pakistan currency, the cost had to be translated into Indian currency at the official exchange rate to compute true profit or loss, so the business loss claim was upheld. The references were thus answered partly against and partly in favour of the assessee. Case-Laws Income Tax Wed, 20 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7163