https://www.taxtmi.com/caselaws?id=419636 The court set aside the order dated 28.04.2020 withholding a refund of Rs. 349,41,45,020/- under Section 241A of the Income Tax Act, 1961 for AY 2018-2019. The Assessing Officer's conclusions lacked rational grounds and failed to consider the petitioner's financial standing. The court found the justifications for withholding the refund, including ALP adjustments, foreign exchange losses, and unearned revenue, to be unsubstantiated. The petitioner's compliance with accounting policies and previous orders supported the release of the refund. The court directed the respondents to release the withheld refund to the petitioner. en-us Mon, 07 Mar 2022 00:00:00 +0530 Mon, 25 Sep 2023 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419636 The court set aside the order dated 28.04.2020 withholding a refund of Rs. 349,41,45,020/- under Section 241A of the Income Tax Act, 1961 for AY 2018-2019. The Assessing Officer's conclusions lacked rational grounds and failed to consider the petitioner's financial standing. The court found the justifications for withholding the refund, including ALP adjustments, foreign exchange losses, and unearned revenue, to be unsubstantiated. The petitioner's compliance with accounting policies and previous orders supported the release of the refund. The court directed the respondents to release the withheld refund to the petitioner. Case-Laws Income Tax Mon, 07 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419636