104. Termination of eligible period in respect of which, and the period for which, payment of tax may be deferred

(1) The eligible period commencing from the date referred to in rule 103 shall expire on the commencement of the period specified in column (3) of the Table appended to sub-rule (2) of rule 102 or the period as extended under the proviso to rule 102, as the case may be, but not later than the date of expiry under sub-rule (2).

(2) The period for which tax may be deferred shall expire on the completion of the period specified in column (5) of the Table appended to sub-rule (2) of rule 102.

Provided that when the amount of tax payable by, and due from, a dealer in accordance with the provisions of sub-rule (1) of rule 102 exceeds the percentage of gross value of fixed capital assets or seventy-five crore rupees on any date before the completion of the period specified in column (3) of the said Table, the payment of tax shall be deferred in respect of the period that ends on the date on which such amount exceeds the percentage of gross value of fixed capital assets or on the date on which it exceeds seventy-five crore rupees, whichever is earlier.