52. Refund of excess payment. - The Commissioner shall refund to a person the amount of tax and penalty (if any) paid by such person in excess of the amount due from him. The refund may be either by cash payment or, at the option of the person by deduction of such excess from the amount of tax and penalty due in respect of any other period:
Provided that the Commissioner shall first apply such excess towards the recovery of any amount due in respect of which, a notice under sub-section (4) of section 47 or under the relevant provisions of the earlier law has been issued, and shall then refund the balance (if any).
