Taxpayer Penalized for Unlawful Depreciation Claim on Land u/s 271(1)(c) of Income Tax Act.

Levy of penalty under section 271(1)(c) - assessee in the return of income had claimed the depreciation on land perse and not on intangible assets. The said claim was against the provisions of the Act and was thus not bonafide claim made by the assessee - penalty confirmed - AT .....

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