(4)(a)Where any excess input tax credit for a tax period is carried forward for adjustment against the tax due for subsequent tax period or periods and such credit or part thereof remains unadjusted even after a period of twenty four months from the close of the year to which the tax period for which the return showing the excess input tax credit relates, the dealer may opt to further carry forward the credit fill final adjustment or may claim refund of the amount of such excess credit remaining unadjusted.(b)Where a dealer opts for refund under clause (a), he shall make an application to that effect to the assessing authority within such time and in such manner as may be prescribed.(c)Any refund covered under this sub-section shall be granted in such manner and subject to such conditions and restrictions as may be prescribed.
