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TMI Blog1995 (12) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... red the following questions relating to the assessment year 1986-87 for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the claim of the assessee for exemption under section 10(26B) of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in coming t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e returned by us unanswered. So far as question No. 1 is concerned, we have already decided this question in the case of the assessee relating to the assessment year 1979-80 that the assessee is entitled to exemption under clause (26B) of section 10 of the Income-tax Act, 1961 (briefly, " the Act "), only in respect of the income attributable to the housing schemes executed by the assessee under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities took the view that the asset acquired was of enduring nature and, therefore, that was in the nature of capital expenditure not allowable as deduction under section 37 of the Act. This view was endorsed by the Appellate Tribunal. It is now wellsettled as a result of numerous cases that none of the tests for distinguishing between capital and revenue expenditure is conclusive or of univer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... departmental authorities. Expenditure incurred on the carpet has nothing to do with the augmenting, preserving or protecting the turnover or profits of the business and hence that was rightly held capital expenditure. Questions Nos. 4 and 5 are, therefore, answered in the affirmative, i.e., against the assessee and in favour of the Revenue. Let the record of this Case be sent down to the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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