https://www.taxtmi.com/caselaws?id=191742 Depreciation under section 32 of the Income-tax Act requires ownership of the asset by the assessee, so depreciation cannot be directed on assets not owned by the taxpayer. Toll roads were also not accepted as plant and machinery under Rule 5 of New Appendix I to the Income-tax Rules for depreciation purposes. Both questions of law were answered against the assessee and in favour of the Revenue. en-us Tue, 05 Apr 2016 00:00:00 +0530 Mon, 09 Jun 2025 17:45:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191742 Depreciation under section 32 of the Income-tax Act requires ownership of the asset by the assessee, so depreciation cannot be directed on assets not owned by the taxpayer. Toll roads were also not accepted as plant and machinery under Rule 5 of New Appendix I to the Income-tax Rules for depreciation purposes. Both questions of law were answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 05 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191742