2017 (3) TMI 398 - SCH - Income Tax

Interest Payable By Government - expression, regular assessment occurring in section 214 - Held that - As in section 214, regular assessment has been used in no other sense than the first order of assessment passed under section 143 or section 144. If any consequential order has to be passed by the Income-tax Officer to give effect to an order passed by the higher authority, that consequential order cannot be treated as the regular assessment nor can the date of the consequential order be treated as the date of the regular assessment.- This case is squarely covered by the proposition laid down by this Court in Modi Industries Ltd. Etc. Etc. vs. Commissioner of Income Tax (1995 (9) TMI 324 - SUPREME Court) against the revenue.

Summary

The Supreme Court dismissed the appeal, citing a previous case against the revenue - Modi Industries Ltd. vs. Commissioner of Income Tax (1995) 216 ITR 759.