2000 (12) TMI 4 - SC - Income Tax

Whether on the facts and in the circumstances of the case the petitioner is entitled to depreciation u/s 32 and/or development rebate as claimed - Held no

Summary

The Supreme Court dismissed the appeal by the assessee regarding depreciation and development rebate for assessment years 1973-74 and 1974-75. The court emphasized the need for the assessee to have acquired dominion over the assets to claim depreciation. The appeal was dismissed with costs. (Case citation: 2000 (12) TMI 4 - Supreme Court)