KAHM PROPERTIES PVT. LTD.,VARANASI vs. DC/ACIT, CENTRAL CIRCLE, VARANASI

In the result, the appeal of the assessee is allowed

Bench: Shri. B. R. Baskaran & Shri Amit Shuklaassessment Year:2018-19 M/S Kahm Properties Pvt. Ltd. V. The Dc/Acit B-21/192, Kamaccha Central Circle Varanasai Varanasi Tan/Pan:Aacck7739F (Appellant) (Respondent) Appellant By: Shri V. K. Jindal Respondent By: Shri A. K. Singh, D.R. Date Of Hearing: 26 09 2023 Date Of Pronouncement: 29 09 2023

282/- and the income offered by the assessee during the survey, of Rs.15,89,684/-. 3. The Assessing Officer initiated penalty proceedings under section 270A of the Act and levied a penalty of Rs.8,18,692/- on the income offered by the assessee, holding that penalty is to be levied for “under-reporting in consequence of misreporting as per section