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27. Order sanctioning refund of tax:--

(1) When the prescribed authority is satisfied that a refund of tax, penalty, interest and fees (if any) is due to a person, he shall record an order showing the amount of refund due, and shall communicate the same to the said person.

(2) When an order for the refund has been made under sub-rule (1) the prescribed authority shall, if the person desires payment in cash issue to him a refund payment order in Form XVIII or in Form XVIII-A.

(3) If the person desirs payment of the refund by adjustment against an amount payable by him, the prescribed authority shall make out a Refund adjustment Order in Form XIX authorising the said person 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 11 or 11A or payable under any notice under rule 15.