Whether Income Tax Assessing Officer can adjust refund with demand if appeal filed and stay of demand has been obtained ?
Where refund adjustment was sought to be made against demand which was subject matter of appeal and had been stayed by virtue of assessee having deposited 20 per cent of tax demand and assessee had made out his objections to notice under section 245, action of revenue in adjusting refund as regards subject matter of intimation issued under section 245 was to be set aside and matter was to be remanded back for reconsideration of aspect relating to notice under section 245