https://www.taxtmi.com/caselaws?id=22384 Depreciation under section 32 of the Income-tax Act was denied because the assessee had not acquired legal ownership through a registered conveyance. Although the undertaking had been taken over, the assets were possessed and used as owner, and the transaction had been acted upon, the court held that for tax purposes ownership must be established according to law, not merely by possession, use, or an unregistered arrangement. The earlier precedent treating statutory vesting differently from contractual transfer controlled the issue, so the assessee could not claim depreciation on the footing that ownership had vested from the takeover date. en-us Thu, 21 Feb 1991 00:00:00 +0530 Wed, 09 Dec 2009 16:02:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22384 Depreciation under section 32 of the Income-tax Act was denied because the assessee had not acquired legal ownership through a registered conveyance. Although the undertaking had been taken over, the assets were possessed and used as owner, and the transaction had been acted upon, the court held that for tax purposes ownership must be established according to law, not merely by possession, use, or an unregistered arrangement. The earlier precedent treating statutory vesting differently from contractual transfer controlled the issue, so the assessee could not claim depreciation on the footing that ownership had vested from the takeover date. Case-Laws Income Tax Thu, 21 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22384