The Hindustan Times Ltd. vs. ACIT

Parties Involved

Facts Summary

The Assessing Officer (AO) disallowed the claim of depreciation on Paintings debited to Profit & Loss Account. The disallowance made on this score is Rs.7,90,264/- in the AY 2014-15 whereas it is Rs.21,03,277/- in the AY 2017-18. The Ld. Authorised Representative (AR) contended that the similar disallowances of depreciation on Paintings were made in AYs 2008-09 to 2010-11. The appellant/assessee raised additional ground before the Tribunal that the purchase costs of painting were revenue in nature and therefore, the entire purchase costs had to be allowed under section 37 of the Income Tax Act, 1961 (hereinafter, the ‘Act’) instead of depreciation thereon.…

Legal Issues

• 1. Whether the CIT(A) is justified in upholding the disallowance of depreciation of Rs.7,90,264/-and Rs.21,03,277/- on Paintings in AYs 2014-15 & 2017-18 respectively holding that these are of personal effect in nature.

Judgment Outcome

Decided in favour of Assessee.

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