1. Income-tax assessment of the petitioner, M/s. Leader Valves pvt. Ltd. Jullundur, for the assessment year 1980-81, was completed by the Income-tax Officer on September 23, 1983. Eventually, the petitioner took the matter up in appeal before the Income-tax Appellate Tribunal, which vide its order dated July 9, 1985, annulled the assessment as being bared by time. Dissatisfied, the Revenue made an application under Section 256(1) of the Income-Tax Act, 1961 (hereinafter referred to as the "Act"), requesting the tribunal to state the case and refer the question regarding the assessment being barred by limitation, to the high Court for its opinion. The Tribunal, vide its order dated November 20, 1985, accepted the request made by the Revenue and stated the case referring the question of law for the opinion of the High Court which is still pending consideration.

2. The petitioner had, for the assessment year 1980-81, paid a sum of Rs, 7,40,802 as income-tax, which as a result of annulment of assessment by the Appellate Tribunal, became refundable to it under 240 of the Act. When the income-tax authorities did not refund and said amount, the petitioner, vide its letter dated Ju