TMI Blog2018 (12) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... ck of Fixed Assets which is evident from depreciation chart as placed on record and therefore, constitute business / professional asset for the assessee. As further noted that the assessee has claimed impugned depreciation on opening written down value of the speed-boat which is being carried forward from earlier AY and already merged under 15% block of fixed assets. Further, the assessee has suo-moto disallowed 25% of the expenditure on estimated basis to account for personal element / usage. Therefore, considering the totality of facts, impugned additions could not be sustained. Reversing the stand of lower authorities, we allow the appeal. - I.T.A. No.5276/Mum/2017 - - - Dated:- 5-12-2018 - SHRI MAHAVIR SINGH, JM AND SHRI MANOJ KUMAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me by submitting that the assessee had farm house at Alibaug and creative part of the professional work including reading, evaluating stories and scripts, acting practice, speech improvements, story sessions etc. was being done from the premises at Alibaug and it was very convenient to use speed-boat than any other mode of transport as he was able to travel from Walkeshwar, Mumbai to Alibaug at minimum time. It was further submitted that the assessee earned a sum of ₹ 96,900/- as boat hire charges during impugned AY and further the assessee, suo-moto disallowed 25% of the expenditure, being personal in nature. However, in the absence of any cogent material on record to support the submissions and following the reasoning of A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional activities like acting, practice, health, maintenance, story telling etc. and hence, business asset has been utilized by assessee for commutation for professional work and therefore, the expenditure against the same was allowable to the assessee like any other travelling mode like motor-car etc. Another important fact to note is that the speed-boat forms part of the 15% block of Fixed Assets which is evident from depreciation chart as placed on record and therefore, constitute business / professional asset for the assessee. It is further noted that the assessee has claimed impugned depreciation on opening written down value of the speed-boat which is being carried forward from earlier AY and already merged under 15% b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
