(1) Subject to such conditions and restrictions, including the conditions 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, either under this Act
or under the erstwhile Act, to pay the amount in such number of monthly
installments not exceeding twenty four; and
(b)the Commissioner may likewise permit any dealer or other person, against
whom any amount of tax, penalty or other dues, payable either under this Act
or under the erstwhile Act, aggregating not more than five lakh rupees is
outstanding, to pay the amount in such number of monthly installments, not
exceeding twelve.
(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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