Held, that the assessee was in possession of the property on leave and licence basis and was paying rent for the property. The same property which was on rent was purchased by the assessee on March 31, 2017 pursuant to agreement dated March 31, 2017 by making part payment. Full payment was made in the next financial year and registration was completed on April 6, 2017, i. e., within six days from the date of execution of the agreement. The sale deed having been registered in the name of the assessee six days after the date of execution of the agreement, in terms of sections 23 and 47 of the Indian Registration Act, 1908, effectively the ownership related back to the date of agreement to the assessee. The assessee was in possession of the property exercising and having right to use and occupy property and would be construed as owner of the building though the deed of title was not executed. The assessee was eligible for depreciation under section 32 of the Act. (AY.2017-18)