TMI Blog1999 (10) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal has referred, the following question of law arising out of its order dated November 4, 1996, in respect of the assessment year 1991-92 under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the applicant was not entitled to claim depreciation on the house property held by it in Bombay which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as purchased in the nature of a flat at Bombay from a co-operative society by acquiring the shares and the shares were transferred in favour of the assessee. It is submitted that the ownership of the property has vested by acquiring a share in the co-operative society and the registration of any sale deed was not at all necessary. According to section 2(47)(vi) of the Income-tax Act, 1961, "transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... society are entitled to possession and enjoyment and not to ownership. Since the assessee was able to enjoy the property it can be only by way of transfer of the property as contemplated by section 2(47)(vi) of the Act and, therefore, the depreciation should have been allowed. Arguments of both learned counsel for the parties heard. The matter now stands concluded by the decision given in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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