2001 (2) TMI 111

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...., 1961, the Tribunal has referred the following question set out in paragraph 2 of the application for our opinion : "Whether, on the facts and in the circumstances of the case, particularly in view of the fact that in the original assessment no interest under section 215(1) of the Income-tax Act, 1961, was levied as the advance tax paid was in excess of the 'assessed tax', the Tribunal was jus....

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....g the search, the income was enhanced and interest was also charged under section 215 of the Act on the basis of enhanced income which was made under section 143(3) read with section 147 of the Act. The assessee has challenged the levy of interest on the basis of enhanced income which was enhanced in the reassessment. The case of the assessee was that the interest under section 215 can be charg....

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....the apex court in the case of Modi Industries Ltd. v. CIT [1995] 216 ITR 759, covers the issue in question referred. While considering the meaning of expression "regular assessment", their Lordships have observed at pages 800-801 as under : "For all the above reasons--particularly having regard to the scheme of the Act and use of the phrase 'regular assessment' in various sections of the Act....