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TMI Blog2004 (8) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... mple evidence on record to show that the assessee had taken over the buses from the directors and the mere fact that the same were not got registered in the names of the assessee could not be a ground for disallowing the claim of depreciation - in the context of the Income-tax Act, 1961, having regard to the ground realities and further having regard to the object of this Act, namely, to tax the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chased by the directors and the finance was raised by them from the bankers in their individual names. However, the buses were taken over by the assessee vide resolution No. 3 dated October 30, 1988. The income of the said buses was shown and assessed in the hands of the assessee-company and the expenses relating to those buses on account of interest paid to the bank, insurance, hire purchase char ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r" means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, the Registration Act, etc., in the context of the Income-tax Act, 1961, having regard to the ground realities and further having regard to the object of this Act, namely, to tax the income, "owner" is a person who is entitled to receive income from th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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