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24. We may also refer to judgment of this Court in Nair Service Society Ltd. v. K.C. Alexander [Nair Service Society Ltd. v. K.C. Alexander, AIR 1968 SC 1165] , where a three-Judge Bench of this Court presided by Hidayatullah, J. has reiterated the principle that possession is good against all but the true owner. The principle enumerated in judgment of Judicial Committee in Perry v. Clissold [Perry v. Clissold, 1907 AC 73 (PC)] , was noticed in para 17 to the following effect : (Nair Service Society Ltd. case [Nair Service Society Ltd. v. K.C. Alexander, AIR 1968 SC 1165] , AIR pp. 1173-174) "17. In our judgment this involves an incorrect approach to our problem. To express our meaning we may begin by reading Perry v. Clissold [Perry v. Clissold, 1907 AC 73 (PC)] , to discover if the principle that possession is good against all but the true owner has in any way been departed from. Perry v. Clissold [Perry v. Clissold, 1907 AC 73 (PC)] reaffirmed the principle by stating quite clearly : (AC p. 79) 'It cannot be disputed that a person in possession of land in the assumed character of owner and exercising peaceably the ordinary rights of ownership has a perfectly good title against all the world but the rightful owner. And if the rightful owner does not come forward and assert his title by the process of law within the period prescribed by the provisions of the Statute of Limitations applicable to the case, his right is for ever extinguished, and the possessory owner acquires an absolute title."