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. He can levy penalty on such under-reported income resulting fro

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. He can levy penalty on such under-reported income resulting from misreporting of income upto ............ of tax payable on such under-reported or misreported income.