117. 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 116 shall, subject to the provision of sub-rule (2), expire on the completion of the period specified in column (3) of the Table appended to sub-rule (2) of rule 115 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 periods specified in column (5) of the Table appended to sub-rule (2) of rule 115 :

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 115 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 (5) 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.