Power to grant instalments (1) Subject to such conditions and restrictions, including the condition regarding furnishing security to the satisfaction of the assessing authority, as may be deemed fit to be imposed—
(a) the State Government may permit any dealer or other person, against whom any amount of tax, penalty or other dues is outstanding, to pay the amount in such number of monthly instalments not exceeding twentyfour as it may consider proper in the circumstances of the case; and (b) the Commissioner may likewise permit any dealer or other person, against whom any amount of tax, penalty or other dues not aggregating more than one lakh rupees is outstanding to deposit the same in such number of monthly instalments, not exceeding twelve as he may consider proper in the circumstances of the case.
(2) Where such dealer or other person fails to furnish, within sixty days of the order referred to in sub-section (1), adequate security to the satisfaction of the assessing authority concerned for payment of the outstanding amount, or fails to comply with the conditions or restrictions imposed in such order, the amount due shall be recoverable at once.
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