- (1.) THE Tribunal, New Delhi, has referred the following question of law under s. 256(1) of the IT Act, 1961 (hereinafter referred to as 'the Act') for opinion to this Court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that the assessment computed under s. 143(3)/148 for the first time is not a regular assessment within meaning of s. 2(40) of the Act and, therefore, no interest under s. 139(8) and under s. 217 is chargeable -
(2.) THE dispute relates to the asst. yrs. 1978 -79 to 1980 -81.
(3.) HEARD Sri R.K. Upadhyaya, learned standing counsel for the Revenue. Nobody appears on behalf of the respondent - assessee. In view of the decision of Supreme Court in the case of K. Govindan and Sons vs. CIT (2000) 164 CTR (SC) 490 : (2001) 247 ITR 192 (SC), the assessment made for the first time under s. 143(3)/148 of the Act is to be treated as regular assessment within the meaning of s. 139(8) of the Act. Similar would be the position with regard to chargeability of the interest under s. 217 of the Act. The Hon'ble Supreme Court has held that Expln. 2 to s. 139(8) inserted w.e.f. 1st;