2018 (12) TMI 683

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.... ORDER Per Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year [AY] 2012-13 agitate the order of Ld. Commissioner of Income Tax (Appeals)-4, Mumbai [CIT(A)], Appeal No. CIT(A)-4/IT-11/ACIT-16(1)/2014-15 dated 12/06/2017 qua confirmation of certain additions of Rs. 9,22,380/- on account of expenditure on speed-boat owned by the assessee. 2.1 Brie....

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....enses of Rs. 1,68,592/-. Similar expenditure was disallowed during earlier AYs 2009-10 & 2010-11 also. The assessee defended the same 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 v....

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....able to demonstrate with verifiable evidence that such speed-boat was actually utilized for professional activities and not for personal purposes. Aggrieved, the assessee is in further appeal before us. 4. The Ld. Authorized Representative for Assessee [AR], Shri Dilkhush Malesha reiterating the submissions contended that the speedboat was used for professional purposes by the assessee and simi....

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....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 pla....