Regular assessment under the Income-tax Act excludes reassessment, so a penalty notice based only on section 147 lacked jurisdiction.

The expression "regular assessment" in section 273 of the Income-tax Act, 1961 is confined to assessments under sections 143 and 144 because section 2(40) expressly defines it that way. Reassessment under section 147 is a separate statutory power, and the Act consistently distinguishes reassessment from regular assessment across provisions such as sections 153, 246 and 263. Earlier construction under the 1922 Act could not control section 273 of the 1961 Act in view of the express definition. A penalty notice founded solely on reassessment under section 147 was therefore without jurisdiction.

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Issues: Whether a notice of penalty under section 273 of the Income-tax Act, 1961 could be founded on a reassessment made under section 147, or whether the expression "regular assessment" in section 273 is confined to assessment under sections 143 and 144.

Analysis: The statutory definition in section 2(40) defines "regular assessment" as assessment made under sections 143 or 144. The scheme of sections 147 and 148 shows that reassessment is an independent power, and the Act consistently draws a distinction between assessment under sections 143 and 144 and reassessment under section 147. This distinction is reinforced by other provisions, including the time-limit provision in section 153, the appeal provisions in section 246, and the revisional provision in section 263. The earlier construction placed on section 18A(9) of the 1922 Act could not govern section 273 of the 1961 Act because the later Act contains an express definition of "regular assessment".

Conclusion: The expression "regular assessment" in section 273 does not include reassessment under section 147, and the penalty notice issued on that basis was without jurisdiction.

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