https://www.taxtmi.com/caselaws?id=12530 The Supreme Court clarified that a "regular assessment" under the Income-tax Act refers to the first assessment under section 143 or 144, excluding subsequent modified assessments. The insertion of Explanation 2 expanded this definition to include assessments under section 147. In a case where a reassessment under section 147 followed an initial assessment under section 143(1), the court held it did not qualify as a regular assessment. Interest levied during reassessment was canceled as it was deemed unjustified. The court dismissed the Revenue's petition, emphasizing the importance of distinguishing between initial assessments and reassessments for interest charges. en-us Fri, 31 May 2002 00:00:00 +0530 Tue, 19 May 2009 18:30:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12530 The Supreme Court clarified that a "regular assessment" under the Income-tax Act refers to the first assessment under section 143 or 144, excluding subsequent modified assessments. The insertion of Explanation 2 expanded this definition to include assessments under section 147. In a case where a reassessment under section 147 followed an initial assessment under section 143(1), the court held it did not qualify as a regular assessment. Interest levied during reassessment was canceled as it was deemed unjustified. The court dismissed the Revenue's petition, emphasizing the importance of distinguishing between initial assessments and reassessments for interest charges. Case-Laws Income Tax Fri, 31 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12530