(1)When any tax, interest, penalty or any other sum is payable in consequence of any order passed under this Act the Assessing Officer shall serve upon the dealer or person liable to pay such tax, interest, penalty, or other sum a notice of demand in the prescribed form specifying the amount or amounts so payable.(2)Any amount specified as payable in the notice of demand issued under sub-section (1) shall be paid within the time specified in such notice and where no time is specified, within 30 days of the service of such notice and in such manner and at such place as may be prescribed.(3)On an application made before the expiry of the due date under sub-section (2), the Assessing Officer may in respect of any particular dealer or person and for reasons to be recorded in writing, extend the time for payment or allow payment by installments or grant stay subject to payment of interest under sub-section (2) or sub-section (3) of section 22 and, on such terms and conditions as the Assessing Officer may think fit to impose in the circumstances of the case.(4)If the amount specified in the demand notice is not paid within the time specified in sub-section (2) or extended under sub-section (3), as the case may be, the dealer or the person liable therefore shall be deemed to be in default in respect of that amount.(5)In a case where payment by installments is allowed under sub-section (3) and the dealer or the person liable for such payment commits default in paying any one of the installments within the time fixed under that sub-section, the dealer or the person aforesaid shall be deemed to be in default in respect of the whole of the amount then outstanding and the other installment or installments shall be deemed to have been due on the same date as the installment actually in default.
