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2016 (12) TMI 1085 - HC - Income TaxEntitlement to depreciation under Section 32 - assessee was not the owner of the property in question and was in possession thereof as a lessee during the year under consideration - Held that:- As decided in Podar Cement[1997 (5) TMI 2 - SUPREME Court] the benefits under Section 53A of the TP Act could be considered for the purposes of income tax and permissibility of depreciation. Mysore Minerals Ltd. vs CIT (1999 (9) TMI 1 - SUPREME Court) the finding of fact arrived at in the case at hand' is that though a document of title was not executed by the Housing Board in favour of the assessee, but the houses were allotted to the assessee by the Housing Board, part payment received and possession delivered so as to confer dominion over the property on the assessee whereafter the assessee had in its own right allotted the quarters to the staff and they were being actually used by the staff of the assessee. It is common knowledge, under the various schemes floated by bodies like housing boards, houses are constructed on a large scale and allotted on part payment to those who have booked. Possession is also delivered to the allottee so as to enable enjoyment of the property. Execution of documents transferring title necessarily follows if the schedule of payment is observed by the allottee. If only the allottee may default the property may revert back to the Board. That is a matter only between the Housing Board and the allottee. No third person intervenes. The part payments made by allottee are with the intention of acquiring title. The delivery of possession by the Housing Board to the allottee is also a step towards conferring ownership. Documentation is delayed only with the idea of compelling the allottee to observe the schedule of payment.- Decided against revenue.
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