India - Income Tax Act 2010 - Saarc

R. 59 I.T. ACT, 1961 1.974of sale has been affixed on the property or in the office of the Tax RecoveryOfficer, whichever is later.Sale to be by auction.56. The sale shall be by public auction to the highest bidder and shall be subjectto confirmation by the Tax Recovery Officer :92[Provided that no sale under this rule shall be made if the amount bid by thehighest bidder is less than the reserve price, if any, specified under clause (cc) ofrule 53.]Deposit by purchaser and resale in default.57. (1) On every sale of immovable property, the person declared to be thepurchaser shall pay, immediately after such declaration, a deposit of twentyfiveper cent on the amount of his purchase money, to the officer conducting thesale; and, in default of such deposit, the property shall forthwith be resold.(2) The full amount of purchase money payable shall be paid by the purchaserto the Tax Recovery Officer on or before the fifteenth day from the date of thesale of the property.Procedure in default of payment.58. In default of payment within the period mentioned in the preceding rule, thedeposit may, if the Tax Recovery Officer thinks fit, after defraying theexpenses of the sale, be forfeited to the Government, and the property shall beresold, and the defaulting purchaser shall forfeit all claims to the property or toany part of the sum for which it may subsequently be sold.Authority to bid.59. 93 [(1) Where the sale of a property, for which a reserve price has beenspecified under clause (cc) of rule 53, has been postponed for want of a bidof an amount not less than such reserve price, it shall be lawful for an94[Assessing] Officer, if so authorised by the 95 [Chief Commissioner or Commissioner]in this behalf, to bid for the property on behalf of the Central Governmentat any subsequent sale.]96[(2)] All persons bidding at the sale shall be required to declare, if they arebidding on their own behalf or on behalf of their principals. In the latter case, theyshall be required to deposit their authority, and in default their bids shall berejected.97[(3) Where the 94 [Assessing] Officer referred to in sub-rule (1) is declared to bethe purchaser of the property at any subsequent sale, nothing contained in rule92. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975.93. Inserted, ibid.94. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1989, w.r.e.f.1-4-1988.95. Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.96. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-10-1975.97. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.