66 Determination of interest payable by dealer for delayed or non-payment of deferred tax that became payable

Determination of interest payable by dealer for delayed or non-payment of deferred tax that became payable.

Where it appears to the appropriate assessing authority that a dealer is liable to pay interest in respect of any period or periods for default in making full payment of tax deferred under clause (a) of sub-section (1)of section 118, in the manner and by the date, prescribed under the said provisions and rules laid down in Chapter XV of the rules, such assessing authority shall, immediately after full payment of such tax for such period or periods, or commencement of the proceedings under section 55, whichever is earlier, determine under sub-section (1) of section 50 the amount of interest payable by such dealer.