https://www.taxtmi.com/caselaws?id=15746 The High Court ruled in favor of the assessee, allowing the depreciation claim under section 32 of the Income-tax Act, 1961. The Court emphasized the right to enjoy the property as crucial for ownership determination, rejecting the Revenue's argument that the right to dispose of the property is essential. Relying on statutory interpretation principles and precedent, the Court held that effective possession and use of the property for business purposes sufficed for claiming depreciation, even without a formal deed of title transfer. The judgment favored the assessee, granting permission to claim depreciation on the factory building used for business purposes. en-us Tue, 17 Aug 1999 00:00:00 +0530 Thu, 27 Aug 2009 13:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15746 The High Court ruled in favor of the assessee, allowing the depreciation claim under section 32 of the Income-tax Act, 1961. The Court emphasized the right to enjoy the property as crucial for ownership determination, rejecting the Revenue's argument that the right to dispose of the property is essential. Relying on statutory interpretation principles and precedent, the Court held that effective possession and use of the property for business purposes sufficed for claiming depreciation, even without a formal deed of title transfer. The judgment favored the assessee, granting permission to claim depreciation on the factory building used for business purposes. Case-Laws Income Tax Tue, 17 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15746