https://www.taxtmi.com/caselaws?id=16617 The Supreme Court clarified that the term "regular assessment" in section 215 of the Income-tax Act, 1961, refers to the initial assessment under section 143 or 144, not subsequent orders following appeals or revisions. This interpretation was supported by a Full Bench decision of the Bombay High Court. The Tribunal's reliance on the Calcutta High Court's decision was deemed incorrect. Consequently, the judgment ruled in favor of the Revenue, upholding the Income-tax Officer's levy of interest on the shortfall in advance tax paid by the assessee. The reference was disposed of without costs awarded. en-us Wed, 07 Jan 1998 00:00:00 +0530 Tue, 08 Sep 2009 18:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16617 The Supreme Court clarified that the term "regular assessment" in section 215 of the Income-tax Act, 1961, refers to the initial assessment under section 143 or 144, not subsequent orders following appeals or revisions. This interpretation was supported by a Full Bench decision of the Bombay High Court. The Tribunal's reliance on the Calcutta High Court's decision was deemed incorrect. Consequently, the judgment ruled in favor of the Revenue, upholding the Income-tax Officer's levy of interest on the shortfall in advance tax paid by the assessee. The reference was disposed of without costs awarded. Case-Laws Income Tax Wed, 07 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16617