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 in the fixed assets schedule and depreciation @ 10% was claimed by assessee depen...