Tax credit certificate adjustment: produced certificate offsets existing income-tax liability; excess treated as refund under tax provisions. The amount shown on a tax credit certificate produced before the Income-tax Officer shall be adjusted against any existing liability under prior or current income-tax law, and if the certificate amount exceeds such liability or there is no liability, the excess or whole amount shall be deemed on that date to be a refund due and the Act's refund provisions shall apply.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax credit certificate adjustment: produced certificate offsets existing income-tax liability; excess treated as refund under tax provisions.
The amount shown on a tax credit certificate produced before the Income-tax Officer shall be adjusted against any existing liability under prior or current income-tax law, and if the certificate amount exceeds such liability or there is no liability, the excess or whole amount shall be deemed on that date to be a refund due and the Act's refund provisions shall apply.
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