(1) Where there is an apparent mistake in the determination of interest under sub-section (1) of section 50, the Commissioner may, on his own motion or upon application made by a dealer, within twenty four months from the date of such determination of interest, rectify the amount of interest payable by such dealer or refundable to such dealer and issue a fresh notice for payment of interest in the manner prescribed under that section.

(2) Where on rectification of the amount of interest under sub-section (1), any excess amount is found refundable to a dealer, the Commissioner shall, in the manner referred to in section 62, refund such excess amount of interest to such dealer.