(2)Where refund of any amount becomes due to the assessee as a result of an order under this Act or under the provisions of sub-section (1) of section 15 after a return has been made under section 13 or section 14 or in response to a notice under clause (i) of sub-section (4) of section 15 and the Assessing Officer is of the opinion, having regard to the fact that,-(i)a notice has been issued, or is likely to be issued, under sub-section (2) of section 15 in respect of the said return; or(ii)the order is the subject-matter of an appeal or further proceeding; or(iii)any other proceeding under this Act is pending;that the grant of the refund is likely to adversely affect the revenue, the Assessing Officer may, with the previous approval of the Chief Commissioner or Commissioner, withhold the refund till such time as the Chief Commissioner or Commissioner may determine.
