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ITAT allowed expenditure incurred on Paintings as revenue deeming it essential for Business
Case Law Details
- Case Name
- Hindustan Times Ltd. Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
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Hindustan Times Ltd. Vs DCIT (ITAT Delhi)
Conclusion: Expenditure incurred on paintings was allowable as revenue expenditure deeming it essential for creating a conducive business environment and accordingly to be construed as expenditure wholly and exclusively incurred for the purpose of business of assessee.
Held: Assessee during the year incurred expenditure of Rs 61,49,308/- towards paintings, which were meant for display in the office of assessee. The said paintings were capitalized as furniture and fixtures in the fixed assets schedule and depreciation @ 10% was claimed by assessee depen...
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