1995 (3) TMI 63

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....pleted on September 27, 1979 ? 2. Whether the Appellate Tribunal's view that the assessment made on September 27, 1979, consequent to the setting aside of the assessment originally made under section 144 of the Act by the Commissioner of Income-tax under section 263 was not a regular assessment and, therefore, the Income-tax Officer was not justified in charging interest under section 139(8) and section 215 of the Income-tax Act, 1961, is sustainable in law ? " The assessee is an individual. In the assessment year 1973-74, the assessee had paid advance tax. The assessment was completed on the basis of best judgment under section 144 of the Income-tax Act on January 24, 1976. Then, the Commissioner of Income-tax, acting under section 263 ....

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....sistant Commissioner on certain points, the Income-tax Officer passed a consequential order on January 21, 1976, resulting in a refund of Rs. 52,121. As the Income-tax Officer did not grant interest on this refund amount under section 214 of the Income-tax Act, 1961, the assessee filed a revision petition to the Commissioner for grant of interest on the refund amount of Rs. 52,121 which was granted as a result of the order of the officer giving effect to the Appellate Assistant Commissioner's order. This claim having been rejected by the Commissioner on the ground that under section 214 interest was payable only up to the date of " regular assessment " which, is defined by section 2(40) as assessment made under section 143 or section 144, t....