The Assessing Officer while scrutinizing the return of an assessee find under reporting of income for the reason of misreporting of facts of such income and thus levied penalty on such under reported income resulting fro

The Assessing Officer while scrutinizing the return of an assessee find 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.