In the result, appeal of the assessee is allowed
Bench: Shri Pawan Singh & Dr. Arjun Lal Saini
reassessment proceedings could not be termed as 'first assessment' so as to come within meaning of expression 'regular assessment' for purposes of section 234D, no interest could have been levied on assessee for excess income tax refund.” The ld. Sr. Counsel submits that Assessing Officer may be directed to calculate the interest by following the aforesaid decision