https://www.taxtmi.com/caselaws?id=26150 Depreciation under section 32 requires that the asset be used for business and that the assessee be the owner. For immovable property, title passes only through a registered instrument, and section 47 of the Registration Act does not create ownership from the date of payment or possession; it only relates the operation of a registered document back to the time it would have operated if registration had not been required. Mere possession, consideration, or part performance was held insufficient to establish ownership for depreciation purposes. On that basis, the building was not treated as owned during the relevant accounting period, and depreciation was denied. en-us Tue, 17 Apr 1984 00:00:00 +0530 Wed, 03 Feb 2010 12:04:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26150 Depreciation under section 32 requires that the asset be used for business and that the assessee be the owner. For immovable property, title passes only through a registered instrument, and section 47 of the Registration Act does not create ownership from the date of payment or possession; it only relates the operation of a registered document back to the time it would have operated if registration had not been required. Mere possession, consideration, or part performance was held insufficient to establish ownership for depreciation purposes. On that basis, the building was not treated as owned during the relevant accounting period, and depreciation was denied. Case-Laws Income Tax Tue, 17 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26150