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2017 (6) TMI 1250 - AT - Income TaxDepreciation on leased assets - 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 generalissimum”, 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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