Law:

Section:

Section 139 of the Income-tax Act, 1961 - Return of income - Interest for late filing of - Assessment year 1988-89 - Whether reassessment under section 147/148 is deemed to be regular assessment only in such cases where assessment under sections 143 and 144 is not made in first instance - Held, yes HELD By way of amendment under section 139(8) where no regular assessment has been made under section 143 or 144 in the first instance the assessment under section 147 is also to be treated as regular assessment. [Para 4] The Supreme Court in Modi Industries Ltd. v. CIT [1995] 216 ITR 759/ 82 Taxman 377 and the provisions of section 139(8) have also made it clear that the reassessment under section 147/148 is deemed to be a regular assessment only in such cases where assessment under sections 143 and 144 is not made in the first instance. [Para 5] CASE REFERRED TO Modi Industries Ltd. v. CIT [1995] 216 ITR 759/ 82 Taxman 377 (SC). Sandeep Bhandawat for the Appellant. ORDER 1. Heard learned counsel for the appellant. 2. The appeal relates to assessment year 1988-89. The only question sought to be raised by the Revenue in this appeal is that since the amendment made in section 139(8) where any regular assessment is made for the first time, whether under section 143 or under section 147 of the Income-tax Act for the purpose of levy of interest, it is still governed by provision of section 139(8). 3. The Supreme Court has laid down in Modi Industries Ltd. v. CIT [1995] 216 ITR 7591 that the "regular assessment" has been defined in section 2(40) to mean the assessment made under section 143 or 144. In the context of sections 140(A), 141, and 141A "regular assessment" could only mean the original assessment made under section 143 or 144. Having regard to the scheme of the Act and use of the phrase "regular assessment" in various sections of the Act. In section 214 "regular assessment" has been used in no other sense than the first order…

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