https://www.taxtmi.com/caselaws?id=18245 For depreciation under section 32 of the Income-tax Act, the term "owned by the assessee" was construed to include beneficial ownership, dominion and business use of the asset, and not only complete legal title transferred by registered conveyance. A person in possession enjoying the building for the relevant business purpose may therefore qualify as owner for depreciation purposes even where formal legal ownership has not passed. On that basis, depreciation on the buildings was held allowable and the reference was answered in favour of the assessee and against the Revenue. en-us Thu, 12 Jan 1995 00:00:00 +0530 Tue, 29 Sep 2009 16:29:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18245 For depreciation under section 32 of the Income-tax Act, the term "owned by the assessee" was construed to include beneficial ownership, dominion and business use of the asset, and not only complete legal title transferred by registered conveyance. A person in possession enjoying the building for the relevant business purpose may therefore qualify as owner for depreciation purposes even where formal legal ownership has not passed. On that basis, depreciation on the buildings was held allowable and the reference was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 12 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18245