fixed assets

Since these paintaings doesnt increase the life of building or furniture or whatever asset  , its for sure that its not a fixed asset. However if u treat as revenue expenditure, the IT may raise a question for such costly paintaings (i supposed that these paintaings are of MF husssain and worth >1 crores) and may be disallowed u/s 37 of IT Act. Then u have to proove to the IT department these expenditure is related to the business.