Beneficial ownership is relevant than legal ownership to claim depreciation – SC

SUPREME COURT OF INDIA Mysore Minerals Ltd. vs Commissioner of Income-tax Civil Appeal No. 5374 OF 1994, [1999] 239 ITR 775 (SC) Date of Pronouncement – 01.09.1999 JUDGMENT  R.C. Lahoti J.—The appellant-assessee is a private limited company. During the assessment year 1981-82 (accounting year ending on March 31, 1981), the assessee had purchased for the use of its staff seven low income group houses from the Housing Board. The assessee had made part payments and was in turn made allotment of the houses followed by delivery of possession by the Housing Board. The actua...