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62. Order sanctioning interest on delayed refunds.–
(1) Where upon an application by any person claiming interest on any delayed refund or otherwise the Commissioner is satisfied that such interest is due and payable to the applicant or any person under section 53, the Commissioner shall record an order specifying therein the amount of refund, the payment of which was delayed, the period of delay for which interest is payable and the amount of interest payable by the Commissioner therefor, and shall communicate the same to the applicant or person concerned.
(2) When an order for payment of interest on any delayed refund has been made under this rule, the Commissioner shall issue to the applicant or person concerned an interest payment order in Form 505.
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