Tax credit certificate adjustment offsets existing tax liabilities and excess amounts are deemed refunds under the Act.

Upon production before the Income-tax Officer, the amount shown on a tax credit certificate shall be adjusted against any liability of the company under the Indian Income-tax Act, 1922 or the Income-tax Act existing on that date; if the certificate amount exceeds such liability or if no liability exists, the excess or whole amount shall, notwithstanding Chapter XIX, be deemed on that date to be a refund due to the company under that Chapter and the provisions of the Act shall apply accordingly.

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