47. Allocation of payments
Where, in addition to any amount of tax which is due and payable by any person under this Act, any amount of interest or penalty is payable, any payment made by the person in respect of such tax, interest or penalty which is less than the total amount due is deemed to be made —
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(a) first in respect of such interest;
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(b) to the extent that such payment exceeds the amount of such interest, then in respect of such penalty; and
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(c) to the extent that such payment exceeds the sum of such penalty and interest, then in respect of such tax.