Income Tax Act, 2025
Section 5: Ins. by Act 18 of 2005, s. 55 (w.e.f. 12006).
5. Ins. by Act 18 of 2005, s. 55 (w.e.f. 12006).
701
1[Provided that where, by the order aforesaid,—
(a) an assessment is set aside or cancelled and an order of fresh assessment is directed to be
made, the refund, if any, shall become due only on the making of such fresh assessment;
(b) the assessment is annulled, the refund shall become due only of the amount, if any, of the tax
paid in excess of the tax chargeable on the total income returned by the assessee.]
241. [Power to withhold refund in certain cases. ]—Omitted by the Finance Act, 14 of 2001, s. 81
(w.e.f. 12001).
2[241A. Withholding of refund in certain cases.—For every assessment year commencing on or
after the 1st day of April, 2017, where refund of any amount becomes due to the assessee under the
provisions of sub-section (1) of section 143 and the Assessing Officer is of the opinion, having regard to
the fact that a notice has been issued under sub-section (2) of section 143 in respect of such return, that
the grant of the refund is likely to adversely affect the revenue, he may, for reasons to be recorded in
writing and with the previous approval of the Principal Commissioner or Commissioner, as the case may
be, withhold the refund up to the date on which the assessment is made.]
242. Correctness of assessment not to be questioned. — In a claim under this Chapter, it shall not
be open to the assessee to question the correctness of any assessment or other matter decided which has
become final and conclusive or ask for a review of the same, and the assessee shall not be entitled to any
relief on such claim except refund of tax wrongly paid or paid in excess.
an assessment is set aside or cancelled and an order of fresh assessment is directed to be
made, the refund, if any, shall become due only on the making of such fresh assessment;
the assessment is annulled, the refund shall become due only of the amount, if any, of the tax
paid in excess of the tax chargeable on the total income returned by the assessee.]
241. [Power to withhold refund in certain cases. ]—Omitted by the Finance Act, 14 of 2001, s. 81
(w.e.f. 12001).
2[241A. Withholding of refund in certain cases.—For every assessment year commencing on or
after the 1st day of April, 2017, where refund of any amount becomes due to the assessee under the
provisions of sub-section
of section 143 and the Assessing Officer is of the opinion, having regard to
the fact that a notice has been issued under sub-section
of section 143 in respect of such return, that
the grant of the refund is likely to adversely affect the revenue, he may, for reasons to be recorded in
writing and with the previous approval of the Principal Commissioner or Commissioner, as the case may
be, withhold the refund up to the date on which the assessment is made.]
242. Correctness of assessment not to be questioned. — In a claim under this Chapter, it shall not
be open to the assessee to question the correctness of any assessment or other matter decided which has
become final and conclusive or ask for a review of the same, and the assessee shall not be entitled to any
relief on such claim except refund of tax wrongly paid or paid in excess.