Law: Income Tax Act, 1961

Section: 32,33,129

Income-tax------Depreciation---Development rebate---Condition precedent---Ownership of assets---Government order vesting possession of rice mills in assessee in 1972---Sale-deeds executed only in 1978---Assessee not owner of mills and not entitled to depreciation and development rebate for assessment years 1973-74 and 1974-75---Indian Income Tax Act, 1961, Ss.32 & 33. Certain Government orders were issued in 1972 vesting possession of 13 mills with the assessee. But the sale-deeds in relation thereto were executed in 1978. The assessee claimed depreciation and development rebate in relation to the 13 mills for the assessment years 1973-74 and 1974-75. The Income-tax Officer rejecter the claim on the ground that the assessee had not become the owner in law. Both the Appellate Assistant Commissioner and the Appellate Tribunal upheld the order of the Income-tax Officer and the High Court, on a reference, held that the assessee had not become the legal owner of the 13 mills in 1972 and upheld the denial of depreciation and development rebate [see (1997) 228 ITR 399]. On appeal to the Supreme Court: Held, affirming the decision of the High Court, that on the facts found, it was not possible to reach the conclusion that the assessee had acquired dominion over the mills in question. Mysore Minerals Ltd. v. CIT (1999) 239 ITR 775 (SC) ref. Tamil Nadu Civil Supplies Corporation Ltd. v. CIT (1997) 228 ITR 399 affirmed on this point. ORDER The question for consideration in this appeal by the assessee against the judgment and order of a Division Bench of the High Court at Madras reads (see (1997) 228 ITR 399, 401) thus: "Whether, on the facts and in the circumstances of the case, the petitioner is entitled to depreciation and/or development rebate as claimed in respect…

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