COMMISSIONER OF INCOME-TAX, AMRITSAR Vs. TOURISM DEVELOPMENT CORP , J&K SRINAGAR

JUDGEMENT

(1.) BY this reference under Section 256(1) of the Income tax Act, 1961 ("Act"), the Income Tax Appellate Tribunal, Amritsar ("Tribunal ) has referred the following question of law to this Court for opinion at the instance of the revenue:

(2.) THE material facts giving rise to this reference are as follows:

(3.) THE real controversy in this case is whether the assessee -Corporation is entitled to depreciation in respect of the assets taken over by it from the State Government on payment of consideration, even though it had not obtained a registered deed of conveyance in respect thereof. In other words, the controversy is whether, on the facts and in the circumstances of the case, the assessee can be deemed to be the "owner" of the assets in question for the purpose of allowance of depreciation under section 32 of the Act.