Income Tax refund cannot be withheld without assigning any reason

Mcnally Bharat Engineering Company Limited Vs ACIT (Calcutta High Court) Mcnally Bharat Engineering Company Limited (Petitioner) filed a writ petition seeking refund of Rs. 20,14,56,936/- from Assistant Commissioner of The Income Tax (Respondent) who withheld the refund determined under Section 143(1) of the Income Tax Act, 1961 (IT Act) of the Petitioner for assessment year 2018-19 computed in accordance with provisions of Section 244A of the IT Act. The Petitioner contended that the Respondent withheld the refund as per provision of Section 241A of the IT Act, however, in order to invoke the...