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of <h1>Assessing Officer Can Withhold Tax Refunds Under Section 241A If Revenue Impact Likely; Requires Written Reasons and Approval.</h1> Section 241A of the Income-tax Act, introduced by the Finance Act, 2017, allows the Assessing Officer to withhold a tax refund if it is deemed likely to adversely affect revenue. This applies to assessment years starting from April 1, 2017. The officer must record reasons in writing and obtain prior approval from the Principal Commissioner or Commissioner. This withholding is applicable when a notice under sub-section (2) of section 143 has been issued and remains in effect until the assessment is completed.
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