Report No. 12
253. Set off refunds against tax remaining payable.-
Where under any of the provisions of this Act, a refund is found to be due to any person, the Income-tax Officer, Appellate Assistant 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 tax, interest or penalty, if any, remaining payable 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.