https://www.taxtmi.com/caselaws?id=192393 For purposes of interest under section 18A(6) of the Indian Income-tax Act, 1922, a first assessment completed through section 34 was treated as a regular assessment. The court reasoned that section 23 supplies the concept of regular assessment, while section 34 is only a procedural route for assessing escaped income or a non-filer; using section 34 does not convert an initial assessment into a reassessment. The earlier precedent relied on was confined to reassessment after an original section 23 assessment. Accordingly, the challenge to the levy of penal interest failed and the demand was sustained. en-us Mon, 11 Mar 1963 00:00:00 +0530 Mon, 29 May 2017 17:01:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192393 For purposes of interest under section 18A(6) of the Indian Income-tax Act, 1922, a first assessment completed through section 34 was treated as a regular assessment. The court reasoned that section 23 supplies the concept of regular assessment, while section 34 is only a procedural route for assessing escaped income or a non-filer; using section 34 does not convert an initial assessment into a reassessment. The earlier precedent relied on was confined to reassessment after an original section 23 assessment. Accordingly, the challenge to the levy of penal interest failed and the demand was sustained. Case-Laws Income Tax Mon, 11 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192393