https://www.taxtmi.com/caselaws?id=447408 Karnataka HC allowed a petition challenging withholding of refund under Section 244A of IT Act. The court held that the Assessing Officer failed to record written opinion with reasons on how revenue would be adversely affected if refund was granted, as required under Section 241A. Despite petitioner having carry forward losses of Rs. 3,325.85 crores and pending transfer pricing investigation, the court directed refund of Rs. 29,30,46,736 with interest under Section 244A, noting that anticipated demand without proper reasoning cannot justify withholding refund. en-us Thu, 16 Nov 2023 00:00:00 +0530 Mon, 25 Dec 2023 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447408 Karnataka HC allowed a petition challenging withholding of refund under Section 244A of IT Act. The court held that the Assessing Officer failed to record written opinion with reasons on how revenue would be adversely affected if refund was granted, as required under Section 241A. Despite petitioner having carry forward losses of Rs. 3,325.85 crores and pending transfer pricing investigation, the court directed refund of Rs. 29,30,46,736 with interest under Section 244A, noting that anticipated demand without proper reasoning cannot justify withholding refund. Case-Laws Income Tax Thu, 16 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447408