https://www.taxtmi.com/caselaws?id=28184 HC held that expenditures for constructing an airstrip were capital, not revenue, in nature. Under a licence granting use of the land and airstrip for ten years with an option for another ten, the court found the assessee obtained a benefit enduring for at least a decade and likely two decades. The Tribunal's finding that the expenditure related to the conduct of business and resulted in an accretion to the profit-making structure was upheld. The outlay therefore created a capital asset and satisfied tests for capital expenditure; decision affirmed in favour of the Revenue. en-us Mon, 30 Aug 1982 00:00:00 +0530 Fri, 31 Oct 2025 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28184 HC held that expenditures for constructing an airstrip were capital, not revenue, in nature. Under a licence granting use of the land and airstrip for ten years with an option for another ten, the court found the assessee obtained a benefit enduring for at least a decade and likely two decades. The Tribunal's finding that the expenditure related to the conduct of business and resulted in an accretion to the profit-making structure was upheld. The outlay therefore created a capital asset and satisfied tests for capital expenditure; decision affirmed in favour of the Revenue. Case-Laws Income Tax Mon, 30 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28184