(1) The competent authority shall verify the correctness of the particulars furnished in such application with reference to the connected records available with the assessing authority or any other authority with whom such records may be available, as the case may be.
(2) Where the competent authority is satisfied about the correctness of the particulars set forth in the application made by an applicant, he shall within sixty days from the date of receipt of an application referred in section 10 determine by an order in writing the amount payable by the applicant for the purposes of settlement of arrear tax, additional tax, turnover tax, penalty, or interest in dispute at the rate specified in section 6:
Provided that while determining the amount payable by the applicant for the purpose of settlement of arrear tax, additional tax, turnover tax, penalty or interest in dispute, the competent authority shall take into account any such amount paid by the applicant before making an application under section 10 and deduct the amount so paid by him from the amount determined as payable by the applicant under this sub-section.
(3) The applicant shall pay in one lumpsum, the sum determined by the competent authority under sub-section (2) within thirty days of the receipt of order passed by the competent authority:
Provided that where the sum determined by the competent authority under sub-section (2) is rupees twenty five lakhs and above, the same shall be paid in one lumpsum within ninety days of the receipt of the order passed by the competent authority.