Supreme Court Dismisses Appeal in Income Tax Assessment Case — Clarifies Definition of Regular Assessment. The court held that an assessment made for the first time under Section 147 is a regular assessment for the purposes of Section 139(8), allowing the assessing officer to charge interest for default in filing returns....
The case involved an appeal by M/S K. Govindan & Sons against the Commissioner of Income Tax, Cochin, regarding the charging of interest under Section 139(8) of the Income Tax Act, 1961. The dispute a...
