Amount paid under Madras Act 34 of 1963 deemed to be amount of urban land tax provisionally paid.

The amount of urban land tax already collected under the Madras Urban Land Tax Act, 1963 (Madras Act 34 of 1963), shall be deemed to be the urban land tax provisionally paid by the assessee concerned in respect of the fasli year for which it was paid and shall remain as security with the Government pending assessment of the urban land tax due from such assessee in accordance with the provisions of this Act. Upon such assessment, the said amount shall be adjusted towards the urban land tax due from him on such urban land and if the tax on such assessment - (i) is in excess of the amount of urban land tax already collected from such person, such excess shall be recovered from him; or (ii) is less than the amount of urban land tax already collected from such person, the difference shall be refunded to him.