https://www.taxtmi.com/caselaws?id=58923 For section 50, acquisition was treated broadly: execution of sale agreements, payment of consideration and taking possession were sufficient to amount to acquisition of the premises even though title was not formally perfected, so the cost and related expenses were deductible in computing short-term capital gains. For section 32, depreciation was denied because ownership in the stricter legal sense had not yet passed, as share transfers and formal completion of title were still pending and transfer was not complete for the relevant year. The assessee therefore succeeded on the capital gains computation issue but failed on the depreciation claim. en-us Fri, 07 Jun 1996 00:00:00 +0530 Wed, 22 Dec 2010 18:09:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58923 For section 50, acquisition was treated broadly: execution of sale agreements, payment of consideration and taking possession were sufficient to amount to acquisition of the premises even though title was not formally perfected, so the cost and related expenses were deductible in computing short-term capital gains. For section 32, depreciation was denied because ownership in the stricter legal sense had not yet passed, as share transfers and formal completion of title were still pending and transfer was not complete for the relevant year. The assessee therefore succeeded on the capital gains computation issue but failed on the depreciation claim. Case-Laws Income Tax Fri, 07 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58923