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Taxpayer Penalized for Concealing Income u/s 271(1)(c) Due to Misreporting Investment Connections with Borrowed Funds.

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....Penalty u/s 271(1)(c) - assessee did not establish the nexus between the borrowed funds and the investment so made with a clear intention to conceal the income by furnishing inaccurate particulars of such income, therefore, in our view, penalty was rightly imposed - AT....

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Taxpayer Penalized for Concealing Income u/s 271(1)(c) Due to Misreporting Investment Connections with Borrowed Funds.