Commissioner Of Income-Tax Bombay Etc vs Podar Cement Pvt. Ltd. Etc on 27 May, 1997
4. The decision of the Tribunal is in conformity with the law laid down by the apex court in CIT v. Podar Cement Pvt. Ltd. [1997] 226 ITR 625. In that case it has been held that though under the common law "owner" means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, the Registration Act, etc., in the context of the Income-tax Act, 1961, having regard to the ground realities and further having regard to the object of this Act, namely, to tax the income, "owner" is a person who is entitled to receive income from the property in his own right.