https://www.taxtmi.com/article/detailed?id=10915 Depreciation was denied where the assessee claimed 50% of property cost as its asset but produced no conveyance, agreement, board resolution, or asset disclosures evidencing partial ownership; the invoice in the sister concern's name led the Tribunal to treat the arrangement as a licence rather than ownership, meaning the assessee failed to meet the ownership-and-use requirement for depreciation under section 32. The author notes the unaddressed statutory amendment inserting "wholly or partly" into section 32(1) and stresses the need for contemporaneous documentation and accounting entries to support part ownership claims. en-us Thu, 29 Dec 2022 10:37:42 +0530 Thu, 29 Dec 2022 10:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10915 Depreciation was denied where the assessee claimed 50% of property cost as its asset but produced no conveyance, agreement, board resolution, or asset disclosures evidencing partial ownership; the invoice in the sister concern's name led the Tribunal to treat the arrangement as a licence rather than ownership, meaning the assessee failed to meet the ownership-and-use requirement for depreciation under section 32. The author notes the unaddressed statutory amendment inserting "wholly or partly" into section 32(1) and stresses the need for contemporaneous documentation and accounting entries to support part ownership claims. Articles Income Tax Thu, 29 Dec 2022 10:37:42 +0530 https://www.taxtmi.com/article/detailed?id=10915