https://www.taxtmi.com/highlights?id=30048 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. - AT en-us Fri, 01 Jul 2016 12:44:59 +0530 Fri, 01 Jul 2016 12:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=30048 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. - AT Highlights Income Tax Fri, 01 Jul 2016 12:44:59 +0530 https://www.taxtmi.com/highlights?id=30048