TMI Blog2002 (5) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... for the purpose of levy of interest, it is still governed by the provision of section 139(8). - in the present case from the finding of the Tribunal, it is apparent that the original assessment for the assessment year 1988-89, was made on December 2, 1986, (sic) and thereafter reassessment was made by resorting to section 148. No interest was levied in the course of the original assessment. The i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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, 1961, for the purpose of levy of interest, it is still governed by the provision of section 139(8). The Supreme Court has laid down in Modi Industries Ltd. v. Commissioner of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e regular assessment." 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. However, in the present case from the finding of the Tribunal, it is apparent that the original assessment for the assessment year 1988-89, was made on December 2, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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