(1) Notwithstanding anything contained in rule 66, the Assessing Authority or the Audit Cell in the office of Excise and Taxation Commissioner shall scrutinize and finalize every case where pre-assessment refund has been granted within 36 months of the grant of such refund.

(2) If upon scrutiny of such refund the Assessing Authority concludes that the refund has been willfully and fraudulently claimed, it shall impose a penalty equal to twice the amount of refund so claimed.

(3) If, scrutiny of such cases are not completed within 36 months, as required under sub-rule(1), the Bank Guarantee may be re-rolled over or a fresh Bank Guarantee may be obtained.