148. Disposal of application for certificate of eligibility for deferment of payment of tax or remission of tax

(1) If the Deputy Commissioner or the Assistant Commissioner, as the case may be, is satisfied that a registered dealer has furnished correctly all information in the application referred to in rule 147 and that such dealer has complied with the requirements of the provisions of the Act and the rules for the purpose of sub-section (1) of section 40 or sub-section (1) of section 41, as the case may be, the Deputy Commissioner or the Assistant Commissioner, as the case may be, shall grant a certificate of eligibility in Form 24 to such dealer.

(2) The certificate of eligibility granted under sub-rule (1) shall, subject to the provisions of the rules in this Chapter, be valid for a period not exceeding twelve months from the date of commencement of the eligible period referred to in rule 103, rule 115, rule 129 or rule 138, as the case may be.

(3) When the Deputy Commissioner or the Assistant Commissioner is satisfied that the information furnished in the application referred to in rule 147 is not correct and complete, or that the dealer has not complied with requirements of the provisions of the Act and the rules as mentioned in sub-rule (1), he shall reject the application for reason to be recorded in writing :

Provided that before such application is rejected the dealer shall be given a reasonable opportunity of being heard.