https://www.taxtmi.com/caselaws?id=26381 The High Court ruled that the assessee was not entitled to depreciation on the shed as they were not considered the owner during the relevant assessment year. The Court disagreed with the Tribunal's interpretation of the lease deed, emphasizing clauses that indicated the assessee was a lessee with obligations to return the shed to the Maharashtra Industrial Development Corporation. Previous case law cited by the assessee's counsel was deemed distinguishable, with the High Court emphasizing the necessity of legal ownership for claiming depreciation. The outcome favored the Revenue, with costs awarded against the assessee. en-us Wed, 09 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 15:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26381 The High Court ruled that the assessee was not entitled to depreciation on the shed as they were not considered the owner during the relevant assessment year. The Court disagreed with the Tribunal's interpretation of the lease deed, emphasizing clauses that indicated the assessee was a lessee with obligations to return the shed to the Maharashtra Industrial Development Corporation. Previous case law cited by the assessee's counsel was deemed distinguishable, with the High Court emphasizing the necessity of legal ownership for claiming depreciation. The outcome favored the Revenue, with costs awarded against the assessee. Case-Laws Income Tax Wed, 09 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26381