1983 (9) TMI 176

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..... fold. The first is that the ITO has no jurisdiction. It is the IAC, who should have imposed this penalty. The second is that on facts there is no concealment. The assessee is a bus operator. He maintained no proper accounts. His returns were on estimate basis. Somewhere in August, 1973 he purchased a motor vehicle for Rs. 1,06,000. The ITO asked for its sources. Then began an exercise in guesswork .....

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..... cannot confirm it. There is no element of factual concealment in the case. It is only a case of guesswork, good for purposes of assessment but bad for penalty. Each side excelled the other in that art. It is only a case of the explanation about the nature and source of the investment being not at all satisfactory in full or in part to the ITO and the AAC and satisfactory in part to the Tribunal. U .....

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