(1) The Collector shall order the refund and payment to me purchaser, of-
(a) the amounts deposited by him under section 71; and
(b) the sum equal to 5 per cent. of the purchase money deposited under clause (b) of section 73;
if the sale is not confirmed or is set aside.
(2) The Collector shall order the refund and payment of all the moneys deposited under clause (b) of section 73 to the person who made the deposit, if the sale is confirmed:
Provided that the Collector may set off the whole or any part of any such moneys against any arrears of land revenue or any other arrear recoverable as an arrear of land revenue, which may be outsantanding against the person who made the deposit.