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2018 (1) TMI 1355 - ITAT MUMBAIDepreciation u/s 32 on leased assets - ownership of the assets - use of assets for the purpose of its business - Held that:- The definitions of “ownership” essentially make ownership a function of legal right or title against the rest of the world. However, it is “nomen generalis– simum”, and its meaning is to be gathered from the connection in which it is used, and from the subject– matter to which it is applied. As long as the assessee has a right to retain the legal title against the rest of the world, it would be the owner of the asset in the eyes of law.” - Claim of depreciation allowed.
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