Section - 49E - Indian Income-Tax Act, 1922

Section - 49E - Power to set off amount of refunds against tax remaining payable

[49E. Power to set off amount of 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, [AppelIate 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.]

Inserted as s. 49A by s. 19, Indian I.T. (Second Amendment) Act, 1933; and renumbered "49E" by s. 59, Indian I.T. (Amendment) Act, 1939.

Substituted for "Assistant Commissioner" by s. 59, Indian I.T. (Amendment) Act, 1939.

Inserted by s. 25, Indian I.T. (Amendment) Act, 1953, w.e.f. 1-4-1952.

[As amended up to date]

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