https://www.taxtmi.com/caselaws?id=39696 The High Court held that the lessee, as per the terms of the lease agreement, was considered the owner of the building's third floor and thus entitled to claim depreciation under section 32 of the Income-tax Act. The Court emphasized that temporary ownership during the lease period aligns with legal principles. Referring to a similar case, the Court noted that lessees can possess ownership rights over specific parts of buildings in commercial contexts. Consequently, the Court ruled in favor of the assessee, allowing the depreciation claim for the third floor under section 32 without awarding costs. en-us Tue, 13 Aug 1974 00:00:00 +0530 Mon, 19 Apr 2010 16:59:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39696 The High Court held that the lessee, as per the terms of the lease agreement, was considered the owner of the building's third floor and thus entitled to claim depreciation under section 32 of the Income-tax Act. The Court emphasized that temporary ownership during the lease period aligns with legal principles. Referring to a similar case, the Court noted that lessees can possess ownership rights over specific parts of buildings in commercial contexts. Consequently, the Court ruled in favor of the assessee, allowing the depreciation claim for the third floor under section 32 without awarding costs. Case-Laws Income Tax Tue, 13 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39696