Refund of tax

Refund of tax-

1. (1) The assessing officer shall, in the manner prescribed, refund to an importer the amount of tax, penalty or interest paid by him in excess of the amount due from him under this Act, either by a refund order or by adjustment of the amount so paid against the amount due from him in respect of any other period: Provided that the assessing officer shall first apply such excess towards the recovery of any amount due in respect of which a notice of demand has been issued.
2. (2) Where any refund is due to an importer according to a return furnished by him or is required to be granted under an order on appeal or revision, the assessing officer may, in lieu of payment of the refund, adjust the amount to be refunded against the amount, if any, due from the importer in respect of any period.