https://www.taxtmi.com/caselaws?id=16705 The High Court upheld the Tribunal's decision, allowing depreciation and investment allowance on transformers even though ownership vested with the HP State Electricity Board. The Court agreed that ownership for tax purposes does not always require full legal title. Additionally, the Court upheld the deduction under section 80J for the assessee's units without reducing capital employed by loans from the head office, as there was no shown nexus between the loans and the units' assets. The Court dismissed the Revenue's applications, affirming the Tribunal's decisions on both issues. en-us Tue, 08 Jul 1997 00:00:00 +0530 Wed, 09 Sep 2009 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16705 The High Court upheld the Tribunal's decision, allowing depreciation and investment allowance on transformers even though ownership vested with the HP State Electricity Board. The Court agreed that ownership for tax purposes does not always require full legal title. Additionally, the Court upheld the deduction under section 80J for the assessee's units without reducing capital employed by loans from the head office, as there was no shown nexus between the loans and the units' assets. The Court dismissed the Revenue's applications, affirming the Tribunal's decisions on both issues. Case-Laws Income Tax Tue, 08 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16705