https://www.taxtmi.com/caselaws?id=22534 Depreciation under the income-tax provisions is allowable only in respect of assets owned by the assessee. Where buses were found to be owned by individual members and not by the assessee, their depreciation could not be taken into account in estimating the assessee's net taxable income. The assessable income therefore could not be reduced by depreciation on assets not owned by the assessee, and the issue was answered against the assessee. en-us Wed, 23 Jan 1991 00:00:00 +0530 Fri, 11 Dec 2009 10:38:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22534 Depreciation under the income-tax provisions is allowable only in respect of assets owned by the assessee. Where buses were found to be owned by individual members and not by the assessee, their depreciation could not be taken into account in estimating the assessee's net taxable income. The assessable income therefore could not be reduced by depreciation on assets not owned by the assessee, and the issue was answered against the assessee. Case-Laws Income Tax Wed, 23 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22534