Refund

The assessing authority shall refund to assessee the amount of tax, penalty, interest and fee, if any, paid by such assessee in excess of the amount due from him, either by cash payment or, at the option of such person, by deduction of such excess from the amount of tax, penalty, interest and fee due from him in respect of any other period: Provided that such excess shall first be applied towards the recovery of any amount due in respect of which a notice under section 8 has been served and thereafter the balance, if any, shall be refunded.