Amendment status not verified — confirm the current text below against the official source.
(1) Whereaperson is entitled to arefund and any proceeding under this Regulation is pending against him, or a notice under section 58 had been issued and assessment or re- assessment in pursuance of the notice is pending and the Commissioner is ofthe opinion that payment ofsuch refund is likelyto adversely affect the revenue and that it may not be possible to !e&gver the amount later, the Commissior~er may for reasons to be recorded in writing, eitheg~btain a security equal to the amount to be refunded to the person or withhold the refund till such time the proceeding or the assessment or re-assessment has been concluded or made. (2) Where a refund is withheld under sub-section (I), the person shall be entitled to interest as provided under sub-section (I) of section 42 if, as a result of the appeal, or any other proceeding he becomes entitled to the refund.