In the result, the appeal of the assessee is allowed

Bench: Shri Yogesh Kumar U.S. & Shri Manish Agarwalm/S Himalayan Vacations Private Acit, Limited, Circle-2(1)(1), 01, Himalayan Vacations Private Vs. Haldawani. Limited, Tallital, Nainital-263002. Pan:Aacch5584P (Appellant) (Respondent) Assessee By Shri Pavan Kumar Nath, Adv. Department By Shri Amar Pal Singh, Sr. Dr

disallowance only after making necessary verification by the AO. This clearly shows that assessee has under reported its income as a consequence of misrepresentation or suppression of facts, therefore, provisions of section 270A(9)(a) of the Act were rightly invoked by the AO, he thus requested for the confirmation of the penalty so levied