2002 (5) TMI 34

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..... on under section 256(2) of the Income-tax Act, 1961 (for short the "Act"), seeking a direction to the Income-tax Appellate Tribunal (for short the "Tribunal") to refer the following question of law for the opinion of this court: "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in cancelling interest charged under section 139(8) and under sec .....

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..... nder sections 139(8) and 217 was cancelled. The Revenue filed an appeal before the Tribunal which was dismissed on July 30, 1998. The Tribunal held that the interest under sections 139(8) and 217 of the Act could not be levied vide order dated November 30, 1990, as it was not a "regular assessment". The term "regular assessment" has been defined in section 2(40) of the Act to mean an assessment .....

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..... arded as a regular assessment for the purposes of this sub-section." A perusal of the above shows that an assessment made for the first time under section 147 has also been included within the ambit of "regular assessment." Thus the only question for consideration is whether the assessment made in the present case under section 147 of the Act on November 30, 1990, falls within the ambit of this .....

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..... sment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned (hereafter in sections 148 to 153 referred to as the relevant assessment year)." From the above, it is clear that section 147 confers jurisdiction to make an assessment as .....

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..... ssessment had been framed under section 143(1) of the Act on February 27, 1986. Thus even under the aforesaid Explanation, the reassessment framed on November 30, 1990, under section 147 of the Act could not be regarded as a regular assessment. In view of this clear position in law, we find that no referable question of law arises out of the order of the Tribunal. Accordingly, the petition is dis .....

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