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The Assessing Officer while scrutinizing the return of an assessee finds under-reporting of income for the reason of misreporting of facts of such income and thus levied penalty on such under-reported income resulting from misreporting of income. The penalty to be imposed by the A.O. shall be at the rate of tax payable on such misreported income

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The Assessing Officer while scrutinizing the return of an assessee finds under-reporting of income for the reason of misreporting of facts of such income and thus levied penalty on such under-reported income resulting from misreporting of income. The penalty to be imposed by the A.O. shall be at the rate of tax payable on such misreported income






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