Adjustment of any payment

Adjustment of any payment.—

1. (1) Any payment made by a dealer or person towards tax, interest, penalty, fine or other sum payable under this Act shall first be adjusted towards the interest and penalty in accordance with the provisions of this Act and the balance, if any, shall be adjusted towards the tax.
2. (2) Notwithstanding anything contained in sub-section (1), the Commissioner may, in the prescribed manner, adjust any payment made by a dealer or person towards any previous liability of such dealer or person.