https://www.taxtmi.com/caselaws?id=27103 The court held that the assessee-firm was not entitled to claim depreciation under section 32(1) of the Income-tax Act for the crankshaft regrinding machine during the assessment year 1972-73. The Tribunal's decision to disallow the depreciation claim was upheld, ruling in favor of the Revenue against the assessee-firm, with each party bearing their own costs. The court emphasized that ownership of the machine had not transferred to the assessee until the full hire purchase price was paid, and regular payment of instalments did not confer ownership for depreciation purposes. en-us Wed, 17 Apr 1985 00:00:00 +0530 Wed, 10 Feb 2010 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27103 The court held that the assessee-firm was not entitled to claim depreciation under section 32(1) of the Income-tax Act for the crankshaft regrinding machine during the assessment year 1972-73. The Tribunal's decision to disallow the depreciation claim was upheld, ruling in favor of the Revenue against the assessee-firm, with each party bearing their own costs. The court emphasized that ownership of the machine had not transferred to the assessee until the full hire purchase price was paid, and regular payment of instalments did not confer ownership for depreciation purposes. Case-Laws Income Tax Wed, 17 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27103