1998 (4) TMI 123 - HC - Income Tax

Summary

The High Court of Andhra Pradesh ruled in favor of the assessee, a public sector undertaking, regarding entitlement to depreciation on a building purchased from Andhra Pradesh Industrial Development Corporation. The Supreme Court's judgment in CIT v. Podar Cement Pvt. Ltd. clarified that ownership for income tax purposes is based on entitlement to receive income, not just legal title. The court held that the assessee is entitled to depreciation despite delayed registration of the property deed. The reference was answered in favor of the assessee.