ITAT allowed expenditure incurred on Paintings as revenue deeming it essential for Business

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

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