1995 (12) TMI 63

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....x Appellate Tribunal, (Allahabad Bench), referred 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 o....

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....press questions Nos. 2 and 3 and, therefore, they are 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 ....

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....oses of the business or profession, is allowable. The authorities 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 cap....