https://www.taxtmi.com/caselaws?id=55765 Depreciation was discussed in the context of assets taken over from a proprietary concern, with the ownership question turning on the transfer of the running business, the affidavit of the transferor, and later execution of the sale deed. The tribunal treated the assessee as the owner of both movable and immovable assets and applied the principle that, where two views on ownership are possible, the one favourable to the assessee prevails; depreciation was therefore allowable. On the expenditure issue under section 37(2B), the disallowance was examined against the nature of the spending and the relevant legal position for the period, and the deletion of the disallowance was upheld. en-us Thu, 20 Aug 1987 00:00:00 +0530 Mon, 29 Nov 2010 18:50:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55765 Depreciation was discussed in the context of assets taken over from a proprietary concern, with the ownership question turning on the transfer of the running business, the affidavit of the transferor, and later execution of the sale deed. The tribunal treated the assessee as the owner of both movable and immovable assets and applied the principle that, where two views on ownership are possible, the one favourable to the assessee prevails; depreciation was therefore allowable. On the expenditure issue under section 37(2B), the disallowance was examined against the nature of the spending and the relevant legal position for the period, and the deletion of the disallowance was upheld. Case-Laws Income Tax Thu, 20 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55765