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TMI Blog2021 (7) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appeals : Mr.Karthik Ranganathan Senior Standing Counsel For the Respondent in all the Appeals : Mr.V. Balaji COMMON JUDGMENT R.HEMALATHA, J. These four appeals of the Revenue are directed against the orders dated 30.11.2010 passed by the Income Tax Appellate Tribunal Bench- A, Chennai. 2. The matter in issue pertains to disallowance of depreciation of project assets being road and bridge during the assessment years 2002- 2003, 2003-2004, 2004 - 2005 and 2006-2007 by the Assessing Officer on the ground that the assessee is not the owner of the project assets and hence is not eligible for claiming depreciation of such assets. However, taking into account the fact that the entire cost of the project has to be owne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement the assessee could not be considered as the owner of the assets? . 3. Heard Mr.Karthik Ranganathan, learned Standing Senior Counsel for the appellant and Mr.V. Balaji, learned counsel for the respondent. 4. Both the counsels contended that the Hon'ble Supreme Court in the decision in Principal Commissioner of Income Tax Vs. GVK Jaipur Expressway Ltd., reported in [2018] 100 taxmann.com 96 (SC) has settled the present substantial question of law in favour of the assessee. The relevant portions of the decision of the Hon'ble Supreme Court is extracted hereunder. 14. In our opinion, the term owned as occurring in Section 32 (1) of the Income-tax Act, 1961 must be assigned a wider meaning. Any one in possessio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of estimating and allocating cost of capital investments over estimated useful life of asset in order to match cost against earnings............ 19. It is well-settled that there cannot be two owners of the property simultaneously and int he same sense of the term. The intention of the Legislature in enacting Section 32 of the Act would be best fulfilled by allowing deduction in respect of depreciation to the person in whom for the time-being vests the dominion over the building and who is entitled to use it in his own right and is using the same for the purposes of his business or profession. Assigning any different meaning would not subserve the legislative intent. To take the case at hand it is the appellant-assessee who having ..... X X X X Extracts X X X X X X X X Extracts X X X X
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