https://www.taxtmi.com/highlights?id=67268 Incorrect depreciation claim - fractional ownership - real ownership - Merely entering into an agreement or understanding of user of a asset, a License may be created in favour of user, however, that does not vest the user with the interest of any nature akin to owner for the purpose of Section 32(1) of the Act. So also no claim of depreciation beyond the law is allowable on mutual understanding between the owner and the user. - AT en-us Thu, 22 Dec 2022 17:12:32 +0530 Thu, 22 Dec 2022 17:12:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67268 Incorrect depreciation claim - fractional ownership - real ownership - Merely entering into an agreement or understanding of user of a asset, a License may be created in favour of user, however, that does not vest the user with the interest of any nature akin to owner for the purpose of Section 32(1) of the Act. So also no claim of depreciation beyond the law is allowable on mutual understanding between the owner and the user. - AT Highlights Income Tax Thu, 22 Dec 2022 17:12:32 +0530 https://www.taxtmi.com/highlights?id=67268