Set off of refunds against tax remaining payable
Set off of refunds against tax remaining payable.
245. Where under any of the provisions of this Act, a refund is found to be due to any person, the 39[Assessing] Officer, 40[Deputy Commissioner (Appeals)] 41[, Commissioner (Appeals)] or 42[Chief Commissioner or Commissioner], as 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 this Act by the person to whom the refund is due, after giving an intimation in writing to such person of the action proposed to be taken under this section.
39. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
40. Substituted for "Appellate Assistant Commissioner" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
41. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.
42. Substituted for "Commissioner" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[As amended by the Finance Act, 1989 and the Direct Tax Laws (Amendment) Act, 1989]