(1)If the dealer desires payment by-adjustment against any amount subsequently payable by him, the assessing authority referred to in Rule 58 shall issue a refund adjustment order in Form 53 authorising the dealer to deduct the sum to be refunded from amount payable in respect of the next return period or periods following that in which the refund is sanctioned.(2)If the authority empowered to grant a refund is required under sub-section (4) of Section 39 to apply the refundable amount or part thereof towards the recovery of tax, penalty, licence fee, interest or part thereof due under the Act or the repealed Act or the Central Sales Tax Act, 1956 (No. 74 of 1956) or under the Madhya Pradesh Sthaniya Kshetra Me Mai Ke Pravesh Par Kar Adhiniyam, 1976 (No. 52 of 1976) it shall issue a refund adjustment order in respect of the amount so required to be applied authorising the dealer to deduct that amount from the amount payable in respect of tax, penalty, licence fee, interest under the said Act or the said Acts, as the case may be.(3)The refund adjustment order shall be made out in triplicate, one copy shall be issued to the dealer, second copy marked at top in red ink as 'for use in treasury only' to the Treasury Officer and the third copy shall be retained by the assessing authority referred to in Rule 58.
