COMMISSIONER OF INCOME TAX Vs. R.K. JAIN

JUDGEMENT

(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.