7.    Refunds

(1) When the assessing authority is satisfied that a refund is due to the importer, he shall record an order showing the amount of refund due and shall communicate the same to the importer.

(2) When an order for refund has been made under sub-rule (1) the Assessing Authority shall, if the assessee desires payment in cash issue to him, a refund payment Order in Form VII or VII-A as may be relevant.

(3) If the importer desires payment by adjustment against an amount payable by him under the Act, the Assessing Authority shall make out a Refund Adjustment Order in Form VIII authorising the said importer to adjust the sum to be refunded against any amount payable by him in respect of the period for which a return is to be furnished under rule 3 and during which the refund is sanctioned or any subsequent period, or payable under any notice issued to him.

(4) When the Refund Adjustment Order is furnished with the return submitted under rule 3, the Assessing Authority shall cancel his own copy as well as the refundees copy of the Refund Adjustment Order.