Income Tax Act, 1961
Sch. II Part II Rule 44. SALE BY PUBLIC AUCTION.
(1) Where movable property is sold by public auction, the price of each lot shall be paid at the time of sale or as soon after as the officer holding the sale directs and in default of payment, the property shall forthwith
(2) On payment of the purchase-money, the officer holding the sale shall grant a certificate specifying the property purchased, the price paid and
the name of the purchaser, and the sale shall become absolute.
(3) Where the movable property to be sold is a share in goods belonging to the defaulter and a co-owner, and two or more persons, of whom one is such co-owner, respectively bid the same sum for such property or for any lot, the bidding shall be deemed to be the bidding of the co-owner.