Assessing Officer had informed  about computed refund. Principal Commissioner approved withholding of refund recording that reference to TPO was pending and there was every likelihood of raising a demand. On writ allowing the petition the Court held that  if a reference to TPO was under investigation and if adjudication, after due process, results in a demand, assessee will have to answer demand, but in anticipation of a conclusion for a demand without even recording reasons, assessee could not be denied refund. Accordingly the  Assessing Officer is  directed to refund amount along with interest within time specified.(AY. 2021-22)