https://www.taxtmi.com/caselaws?id=19154 Refund under section 241 of the Income-tax Act can be withheld only if the Assessing Officer records the requisite satisfaction, with prior Commissioner approval, that payment of refund is likely to adversely affect the Revenue because the assessment is under appeal or further proceedings. Where the order does not disclose recorded reasons or a speaking decision showing that statutory precondition, the power is not validly exercised. On the facts noted, the withholding order lacked such satisfaction and was therefore invalid; the impugned order was liable to be quashed. en-us Thu, 06 Apr 1995 00:00:00 +0530 Wed, 04 Nov 2009 13:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19154 Refund under section 241 of the Income-tax Act can be withheld only if the Assessing Officer records the requisite satisfaction, with prior Commissioner approval, that payment of refund is likely to adversely affect the Revenue because the assessment is under appeal or further proceedings. Where the order does not disclose recorded reasons or a speaking decision showing that statutory precondition, the power is not validly exercised. On the facts noted, the withholding order lacked such satisfaction and was therefore invalid; the impugned order was liable to be quashed. Case-Laws Income Tax Thu, 06 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19154