https://www.taxtmi.com/caselaws?id=21201 Depreciation under section 32 was held admissible where the assessee was the beneficial owner of a truck used for business, even though the vehicle was not registered in his name. The Court treated "owned" in the depreciation provision as including beneficial or real ownership, not merely formal legal title. It also held that registration requirements under the Motor Vehicles Act are regulatory and evidentiary, and non-entry of transfer in the registration certificate does not defeat passage of title or the claim to depreciation when the assessee has purchased, used, and maintained the vehicle for business. en-us Fri, 25 Sep 1992 00:00:00 +0530 Fri, 24 Oct 2025 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21201 Depreciation under section 32 was held admissible where the assessee was the beneficial owner of a truck used for business, even though the vehicle was not registered in his name. The Court treated "owned" in the depreciation provision as including beneficial or real ownership, not merely formal legal title. It also held that registration requirements under the Motor Vehicles Act are regulatory and evidentiary, and non-entry of transfer in the registration certificate does not defeat passage of title or the claim to depreciation when the assessee has purchased, used, and maintained the vehicle for business. Case-Laws Income Tax Fri, 25 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21201