https://www.taxtmi.com/caselaws?id=23398 The court held that an assessment made under section 147 of the Income-tax Act, 1961, cannot be considered a 'regular assessment' for the purpose of levying penalties under section 273(b). The Tribunal and Commissioner (Appeals) found that 'regular assessment' under section 2(40) refers to assessments made under sections 143 or 144, excluding assessments under section 147. The court emphasized that section 147 applies when assessments under sections 143 or 144 are not feasible, and such assessments do not fall under the definition of 'regular assessment.' The decision favored the assessee, with no costs awarded. en-us Tue, 31 Jan 1989 00:00:00 +0530 Fri, 18 Dec 2009 18:39:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23398 The court held that an assessment made under section 147 of the Income-tax Act, 1961, cannot be considered a 'regular assessment' for the purpose of levying penalties under section 273(b). The Tribunal and Commissioner (Appeals) found that 'regular assessment' under section 2(40) refers to assessments made under sections 143 or 144, excluding assessments under section 147. The court emphasized that section 147 applies when assessments under sections 143 or 144 are not feasible, and such assessments do not fall under the definition of 'regular assessment.' The decision favored the assessee, with no costs awarded. Case-Laws Income Tax Tue, 31 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23398