Deemed payment by employee for fringe benefit tax when employer recovers tax; no refund or credit allowed. Where an employer pays fringe benefit tax on allotment or transfer of specified securities or sweat equity shares and recovers that tax from an employee, the recovered amount is deemed to be tax paid by the employee only to the extent it relates to the value of the fringe benefit provided to that employee as determined under the related valuation provision; the employee may not claim refund or credit of that deemed payment against other tax liabilities.