Incorrect depreciation claim - fractional ownership - real ...

Case Laws Income Tax

December 22, 2022

Incorrect depreciation claim - fractional ownership - real ownership - Merely entering into an agreement or understanding of user of a asset, a License may be created in favour of user, however, that does not vest the user with the interest of any nature akin to owner for the purpose of Section 32(1) of the Act. So also no claim of depreciation beyond the law is allowable on mutual understanding between the owner and the user. - AT

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Incorrect depreciation claim - fractional ownership - real ...

Case Laws Income Tax

December 22, 2022

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