Tax credit adjustment: certificate amounts set off against existing tax liabilities, excess treated as a deemed refund under the Act.

The substituted provision requires that amounts on a tax credit certificate produced before the Income-tax Officer be adjusted against any existing tax liability of the individual or HUF under the earlier Act or this Act on the production date; where the certificate exceeds such liability or no liability exists, the excess or whole amount shall be deemed a refund under Chapter XIX and the Act's provisions shall apply.

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