Refund entitlement requires fresh assessment before payment when prior assessment set aside, with offset against liabilities.

An assessee is entitled to a refund of any excess payment over liability, to be issued in the prescribed manner. If an assessment is set aside or fresh assessment directed, refund entitlement arises only on making the fresh assessment. Any determined refund shall be reduced by amounts remaining payable under the Code and only the balance, if any, shall be issued with intimation to the assessee.

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