Income Tax Act, 1961
Sch. II Part II Rule 41. SALE OF AGRICULTURAL PRODUCE.
(1) Where the property to be sold is agricultural produce, the sale shall be held, – (a) If such produce is a growing crop – on or near the land on which such crop has grown, or
(b) If such produce has been cut or gathered – at or near the threshing floor or place for treading out grain or the like, or fodder-stack, on or in which it is deposited :
Provided that the Tax Recovery Officer may direct the sale to be held at the nearest place of public resort, if he is of opinion that the produce is thereby likely to sell to greater advantage.
(2) Where, on the produce being put up for sale, – (a) A fair price, in the estimation of the person holding the sale, is not offered for it, and
(b) The owner of the produce, or a person authorised to act on his behalf, applies to have the sale postponed till the next day or, if a market is held at the place of sale, the next market day, the sale shall be postponed accordingly, and shall be then completed, whatever price may be offered for the produce.