https://www.taxtmi.com/caselaws?id=70715 The Tribunal allowed the appeals, overturning the AAC's decision to levy interest under sections 139(8) and 215 of the Income-tax Act, 1961. It held that assessments under section 147(a) do not constitute 'regular assessments' as defined in section 2(40) of the Act. The Tribunal emphasized that penal interest cannot be imposed on assessments made under section 147, as it does not fall under the definition of regular assessments. The penalties were canceled based on the distinction between assessments under sections 143 or 144 and those under section 147. en-us Fri, 10 Feb 1984 00:00:00 +0530 Mon, 18 Apr 2011 17:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70715 The Tribunal allowed the appeals, overturning the AAC's decision to levy interest under sections 139(8) and 215 of the Income-tax Act, 1961. It held that assessments under section 147(a) do not constitute 'regular assessments' as defined in section 2(40) of the Act. The Tribunal emphasized that penal interest cannot be imposed on assessments made under section 147, as it does not fall under the definition of regular assessments. The penalties were canceled based on the distinction between assessments under sections 143 or 144 and those under section 147. Case-Laws Income Tax Fri, 10 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70715