Tax credit certificate adjustment: produced certificate offsets existing income-tax liability; excess treated as refund under tax provisions.

The amount shown on a tax credit certificate produced before the Income-tax Officer shall be adjusted against any existing liability under prior or current income-tax law, and if the certificate amount exceeds such liability or there is no liability, the excess or whole amount shall be deemed on that date to be a refund due and the Act's refund provisions shall apply.

---

---

---