Law: Income Tax Act, 1961

Section: 147,215

(a) Income-tax----Reassessment---Fresh order of assessment of entire income of assessee---Effect---Original assessment order gets effaced---Indian Income Tax Act, 1961, S.147. (b) Income-tax--- ----Reassessment---Fresh assessment---Interest for delay in filing return---Interest on deficiency in advance tax payment---Liability---Effect of fresh assessment order on---Supreme Court---Question not considered---Indian Income Tax Act, 1961, Ss.139(8), 147 & 215. Held, on the facts, that on reopening of the original assessment order and making a fresh order of assessment of the entire income of the assessee, the earlier assessment order was effaced by the subsequent order. I.T.O. v. K.L. Srihari (HUF) (1992) 197 ITR 694 affirmed on different grounds. CIT v. Sun Engineering Works (P.) Ltd. (1992) 198 ITR 297 (SC); ITO v. Mewalal Dwarka Prasad (1989) 176 ITR 529 (SC) and Jaganmohan Rao (V.) v. CIT and EPT (1970) 75 ITR 373 (SC) ref. ORDER By order dated November 19, 1996, these special leave petitions have been directed to be placed before the three-Judge Bench because it was felt that dissonant views have been expressed by different Benches of this Court on the scope and effect of reopening of an. assessment under section 147 of the Income Tax Act, 1961. It has been pointed out before us that the matter has earlier been considered by a Bench of three Judges in V. Jaganmohan Rao (V.) v. CIT and EPT (1970) 75 ITR 373 (SC) and the…

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