https://www.taxtmi.com/caselaws?id=9333 The court concluded that the petitioner was the owner of the plant for the purposes of section 32 and eligible for depreciation, overturning the Tribunal's findings. The court clarified that ownership under section 32 does not require formal title documents and emphasized that a valid lease does not negate ownership. The petitioner, engaged in leasing and finance, was entitled to depreciation as the plant was used for business purposes. The appeal was allowed, with no order as to costs, and parties were to receive a certified copy of the judgment. en-us Thu, 25 Aug 2005 00:00:00 +0530 Mon, 22 Jun 2026 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9333 The court concluded that the petitioner was the owner of the plant for the purposes of section 32 and eligible for depreciation, overturning the Tribunal's findings. The court clarified that ownership under section 32 does not require formal title documents and emphasized that a valid lease does not negate ownership. The petitioner, engaged in leasing and finance, was entitled to depreciation as the plant was used for business purposes. The appeal was allowed, with no order as to costs, and parties were to receive a certified copy of the judgment. Case-Laws Income Tax Thu, 25 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9333