Payment of interest on delayed refunds.

51 (1) Where any amount is to be paid as interest on account of allowing refund after the prescribed period of refund, the assessing authority prepare order for payment of interest in Form XXXVI and shall, in the manner provided in sub-rule (3) of rule 50, send a copy of such order to the Drawing and Disbursing Officer. The Drawing and Disbursing Officer shall, after preparing a bill of the amount mentioned in the copy of the order, send such bill to the Treasury Officer within five days from the date of receipt of copy of order from assessing authority. The Treasury Officer shall, within four days from the date of receipt of bill in his office, issue a crossed account payee cheque in the manner provided in rule 50.

(2) Sub-rules (2) to (8) of Rule 50 shall mutatis mutandis apply to issue of order by assessing authority for payment of interest, sending of bill by Drawing and Disbursing Officer to Treasury Officer, issue of cheque and Advice to Bank and Drawing and Disbursing Officer by the Treasury Officer, transfer of amount by Branch of State Bank of India or other Bank conducting treasury business to the recipient's Bank and transfer of amount of interest by such Bank in the recipient's Bank Account, as they apply to payment of amount of refund.

(3) Amount of refunds allowed under rule 50 and amount of interest paid under this rule shall be paid from the receipt head of the tax receipt under the Ordinance.