https://www.taxtmi.com/caselaws?id=14448 Depreciation under section 32 of the Income-tax Act, 1961 is available where the assessee has acquired possession and effective dominion over immovable property and uses it for business, even without a registered deed of conveyance. The expression "owned by the assessee" was given a wider income-tax meaning, extending beyond absolute legal title to a person who can exclude others and exercise business control over the asset. On that interpretation, formal transfer of legal title was not essential, and the assessee was entitled to depreciation. en-us Wed, 19 Jul 2000 00:00:00 +0530 Thu, 16 Jul 2009 10:31:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14448 Depreciation under section 32 of the Income-tax Act, 1961 is available where the assessee has acquired possession and effective dominion over immovable property and uses it for business, even without a registered deed of conveyance. The expression "owned by the assessee" was given a wider income-tax meaning, extending beyond absolute legal title to a person who can exclude others and exercise business control over the asset. On that interpretation, formal transfer of legal title was not essential, and the assessee was entitled to depreciation. Case-Laws Income Tax Wed, 19 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14448