Tax credit certificate adjustment: excess credit converted into deemed refund under Chapter XIX upon production for assessment.

The substituted sub-section (3) of Section 280ZA requires that a tax credit certificate produced before the assessing officer be adjusted against any liability of the public company under the Indian Income-tax Act, 1922, or the present Act, and where the certificate exceeds such liability or no liability exists the excess or whole amount shall be deemed a refund under Chapter XIX and governed by its provisions.

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