Dismissing the appeal of the assessee the Court held that ; since the assessments were made for the first time, they were “regular assessments” made under the Act. Therefore, all the consequences of such assessments followed under the different sections of the Act. The assessments implied not only the determination of net wealth liable to be taxed under the Act, but also the wealth-tax payable by the assessee on the net wealth assessed including the liability to interest under section 17B , if chargeable. The assessments made for the assessment years 2007-08 and 2008-09 were made for the first time under S. 17 and were regular assessments and therefore attracted S. 17B(1) of the Act. Hence the assessee was liable to pay interest under S. 17B(1) from the due date under S. 14(1) the date of filing of the returns under S.17 of the Act. ( AY. 2007 -08 2008 -09)