Tax credit adjustment: certificates set off against income-tax liabilities; any excess is treated as refund under refund provisions.

The amendment clarifies that "sale proceeds" excludes freight or insurance for transport beyond the customs station and that export sale proceeds are not deemed received in India unless received through an authorised dealer; it also substitutes sub-section (4) to require tax credit certificates produced before the Income-tax Officer to be adjusted against existing income-tax liabilities and any excess to be treated as a refund under the Act's refund provisions.

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