MODI INDUSTRIES LIMITED, MODINAGAR vs COMMISSIONER OF INCOME-TAX, DELHI

The Supreme Court interpreted the term 'regular assessment' as defined under Clause (40) of Section 2 of the Income Tax Act, 1961, clarifying that it refers to assessments made under Section 143 or Section 144. The Court addressed the historical context of advance tax payments and the evolution of the definition of 'regular assessment' from the 1922 Act to the 1961 Act. The ruling emphasized the importance of this definition in determining the interest payable on advance tax, ultimately holding that the interpretation of 'regular assessment' must align with the statutory provisions of the Income Tax Act.