2009 (10) TMI 943

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..... filed by the Revenue against the orders of the Income Tax Appellate Tribunal disposing of the assessment and penalty appeals of the assessee for the assessment years 2001-02 to 2004-05. The facts leading to the case are the following: 2. The assessee, a Non-Resident Indian, was found to have made various investments, the sources of which were sought for in the course of income tax assessments f .....

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..... oncealment of income to the tune of ₹ 3,39,000/-. The assessee specifically raised objection stating that assessments were agreed assessments and additions for the first three years at the rate of ₹ 3,39,000/- and for 2004-05, ₹ 3.5 lakhs were agreed by the assessee. However overruling the objection by the assessee, the assessing officer levied penalty under section 27(1)(c) of t .....

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..... ce the assessments were agreed assessments, no appeals are maintainable against the assessment orders and assessee was in fact compelled to challenge assessments only because he had to defend penalty orders which could be effectively done by challenging assessments. The Tribunal's finding that appeals are not maintainable, because the tax amount involved is below the threshold limit fixed by t .....

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