152. Adjustment of refund against tax.-

152.  Adjustment  of  refund  against  tax.-

Where,  under  the  provisions  of  this Ordinance,  the  Income-tax  Act,1922  (XI  of  1922),  the  Gift-tax  Act,  1963 (XIV  of  1963),  or  the  Wealth-tax  Act,1963  (XV  of  1963),  any  refund  or repayment  is  found  to  be  due  to  any  person,  the  amount  to  be  refunded  or repaid  or  any  part  thereof  may  be  set  off  against  the  tax,  payable  by  that person  under  this  Ordinance  ¹[or  treated,  at  the  option  in  writing  of  that person, as payment of tax payable under section 64 or section 74 thereof.]

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¹Ins by F.A. 1992

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