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Penalty u/s 271(1)(c) - Even if ld. AO has treated the amount as capital expenditure certainly assessee will be entitled to claim depreciation but the crux is it is allowable expenditure. Such situation certainly does not call for a penalty u/s 271(1)(c) of the Act. - Tri

Income Tax - Penalty u/s 271(1)(c) - Even if ld. AO has treated the amount as capital expenditure, certainly assessee will be entitled to claim depreciation but the crux is, it is allowable expenditur .....

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