Amendment status not verified — confirm the current text below against the official source.
Determinationofinterest- (1) where the prescribed authority is salisfied lhxtadealelis liable to pay intercsl under seclioo 31 or section 32, he shall, in such manner as may be presc bed' deterliine the amount of interest Payable bY such dealer. (2) If additional amount of interest is founcl to be payableby thedealer or any excess aflountofilltelestisfoundtoberetundablelothedealel,thc.prcscdbedauthotityshallissuea notice, in the prescribed manner to such de'lerdirccting him to pay such additional amoutlt or informinghim ofthe excess amouotpaid, as theoase ma) bc' (3) No determination ollntelest under sub-section (1) in lespect ofinterest payable under section 3lshallbemadeafterthedlteofassessmenlundersection3S,3gor40inlespectofthe oeriod to which intercst is deteflnined' (5) 38 {-1. il, Rectifi cation of mistake in dctermiDation of interest- \\tere fiere is an apparent mistake in ihe.letemlinalion ofintercst undcr sub-section ( L) of section43. the prescribed autholity may, on its own molioll or upoll apPLication rnadeby a dealerwithinsixmonthsftomlhedateolsllchclelerminationofinle,est.Iecti[yihcamollnlof intcEst nayable by slrch dealer orrcfundable lc) such dealcrand issue a tiesl] nolice lor payment ofinlercstin lhe manner'prcsc bed under th at sectioD. Wheleonrect]ficationoftheamountofintelestundelsul]-seclion(1)'anyexcessamoLllltiS found refundablc lo adcaler, theprescribed xtthol ity shali. in lhe rnannerrefcrred to in scction