https://www.taxtmi.com/caselaws?id=60756 Title to immovable property did not pass merely because a director's affidavit, board resolution, possession or rent receipt treated the asset as belonging to the company; without an executed and registered conveyance, legal ownership remained with the registered owner. An earlier erroneous year-wise view did not bind the appellate authority or create a right to repetition of the same error. As the company was not the owner and the alleged borrowing and related expenditure were not established as incurred wholly for earning the income, deductions for corporation tax, salary, audit fees and interest on loan were disallowed when assessing income under the head "other sources". en-us Mon, 18 Aug 1986 00:00:00 +0530 Fri, 07 Jan 2011 18:45:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60756 Title to immovable property did not pass merely because a director's affidavit, board resolution, possession or rent receipt treated the asset as belonging to the company; without an executed and registered conveyance, legal ownership remained with the registered owner. An earlier erroneous year-wise view did not bind the appellate authority or create a right to repetition of the same error. As the company was not the owner and the alleged borrowing and related expenditure were not established as incurred wholly for earning the income, deductions for corporation tax, salary, audit fees and interest on loan were disallowed when assessing income under the head "other sources". Case-Laws Income Tax Mon, 18 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60756