(1) The Assessing Officer may issue a refund adjustment order in Form 48 for adjustment of the refundable amount towards the amount of tax payable according to the return or returns for any period following the date on which the refund is sanctioned and send to the drawing and disbursing officer who shall send it to the treasury officer electronically.

(2) If the authority empowered to grant a refund is required under subsection (4) of section 39 to apply the refundable amount or part thereof towards the recovery of tax, penalty, interest or any other amount or part thereof due under the Act or the repealed Act or the Central Sales Tax Act, 1956 (No. 74 of 1956) or Chhattisgarh Sthaniya Kshetra Me Mal Ke Pravesh Par Kar Adhiniyam, 1976 (No. 52 of 1976) it shall issue a refund adjustment order in respect of such amount and shall send it to the drawing and disbursing officer who shall send it to the treasury officer electronically.