https://www.taxtmi.com/caselaws?id=431828 The Tribunal upheld the decision to disallow half of the depreciation claimed by the Assessee on jointly owned assets. Ownership was deemed crucial in claiming depreciation under Section 32 of the Income Tax Act, with mutual agreements on asset sharing not conferring ownership rights. Legal judgments cited by the Assessee were considered irrelevant. The judgment emphasized adherence to legal provisions and denied the depreciation claim, affirming the Commissioner of Income Tax (Appeals)'s decision. en-us Wed, 21 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431828 The Tribunal upheld the decision to disallow half of the depreciation claimed by the Assessee on jointly owned assets. Ownership was deemed crucial in claiming depreciation under Section 32 of the Income Tax Act, with mutual agreements on asset sharing not conferring ownership rights. Legal judgments cited by the Assessee were considered irrelevant. The judgment emphasized adherence to legal provisions and denied the depreciation claim, affirming the Commissioner of Income Tax (Appeals)'s decision. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431828