AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Home / 
Section 271(1)(c) Penalty Not Applicable for Bona Fide Depreciation Claims on Professional Equipment Use.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Levy of penalty u/s 271(1)(c) - where higher depreciation was wrongly claimed under bona fide belief in respect of nature of equipment and its professional use, no penalty would be leviable.....