Set off and withholding of refunds in certain cases.

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.... the case may be, may in lieu of payment of the refund, set off the amount to be refunded or any part of that amount, against the sum, if any, remaining payable under ^1[the Income-tax Act, 1961, (43 of 1961) or] this Act by such person. (2) Any action under sub-section (1) shall be taken after giving an intimation in writing to such person of the action proposed to be taken. (3) Where,-- ....