https://www.taxtmi.com/caselaws?id=36405 For depreciation under section 32 of the Income-tax Act, 1961, "owned by the assessee" is not limited to absolute legal title; it includes a person who can exercise ownership rights in his own right. Where the State had agreed to transfer the buildings for consideration, received the consideration, and delivered possession, section 53A of the Transfer of Property Act, 1882 protected the assessee's possession and prevented the State from enforcing its rights against it. The absence of a registered sale deed did not defeat ownership for the limited purpose of section 32, so depreciation was allowable. en-us Tue, 04 Nov 1980 00:00:00 +0530 Sat, 01 Nov 2025 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36405 For depreciation under section 32 of the Income-tax Act, 1961, "owned by the assessee" is not limited to absolute legal title; it includes a person who can exercise ownership rights in his own right. Where the State had agreed to transfer the buildings for consideration, received the consideration, and delivered possession, section 53A of the Transfer of Property Act, 1882 protected the assessee's possession and prevented the State from enforcing its rights against it. The absence of a registered sale deed did not defeat ownership for the limited purpose of section 32, so depreciation was allowable. Case-Laws Income Tax Tue, 04 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36405