https://www.taxtmi.com/caselaws?id=25697 The court annulled the petitioner's income-tax assessment for the year 1980-81 as time-barred. Subsequently, the Revenue sought High Court reference on the limitation issue. A refund of Rs. 7,40,802 due to the petitioner was withheld by the Inspecting Assistant Commissioner under section 241, citing potential revenue impact. The court emphasized that withholding a refund should be based on the opinion that it would adversely affect revenue, not merely due to pending proceedings. As the Commissioner failed to demonstrate the refund's impact on revenue, the court quashed the withholding order, stressing the need for a proper assessment under section 241. en-us Mon, 13 Apr 1987 00:00:00 +0530 Sat, 30 Jan 2010 12:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25697 The court annulled the petitioner's income-tax assessment for the year 1980-81 as time-barred. Subsequently, the Revenue sought High Court reference on the limitation issue. A refund of Rs. 7,40,802 due to the petitioner was withheld by the Inspecting Assistant Commissioner under section 241, citing potential revenue impact. The court emphasized that withholding a refund should be based on the opinion that it would adversely affect revenue, not merely due to pending proceedings. As the Commissioner failed to demonstrate the refund's impact on revenue, the court quashed the withholding order, stressing the need for a proper assessment under section 241. Case-Laws Income Tax Mon, 13 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25697