1995 (4) TMI 51

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....r. Mihir J. Thakore appears for the respondents and waives service of rule. In the facts and circumstances of the case, the matter is taken up for final hearing today. This petition is filed by the petitioner for quashing and setting aside the order passed by the Income-tax Officer, Ward I(7), Surat, respondent No. 2, on February 8, 1995, by which he withheld refund of Rs. 7,57,660 on the groun....

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....ax Act, 1961 (hereinafter referred to as " the Act "). Section 241 provides that where refund of any amount becomes due to the assessee and the Assessing Officer is of the opinion that having regard to the fact that the order is the subject-matter of appeal or further proceedings, he may, with the previous approval of the Commissioner, withhold the payment of refund if the grant of refund is likel....

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....ase of Consolidated Petrotech Industries Ltd. v. Asst. CIT [1993] 202 ITR 306. In the said case, the court observed as under : ".......In the instant case, the order does not show that the Assessing Officer has formed such an opinion and that he has come to the conclusion that the grant of refund was likely to adversely affect the Revenue. In short, the order is a non-speaking order and no reas....