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Sch. II Part 3 Rule 59 – Income Tax Act, 1961

Income Tax Act, 1961

 

 

Sch. II Part III Rule 59. AUTHORITY TO BID.

 

 

(1) Where the sale of a property, for which a reserve price has been specified under clause (cc) of rule 53, has been postponed for want of a bid of an amount not less than such reserve price, it shall be lawful for an Assessing Officer, if so authorised by the Chief Commissioner or Commissioner in this behalf, to bid for the property on behalf of the Central Government at any subsequent sale.

 

(2) All persons bidding at the sale shall be required to declare if they are bidding on their own behalf or on behalf of their principals. 

 

In the latter case, they shall be required to deposit their authority, and in default their bids shall be rejected.

 

(3) Where the Assessing Officer referred to in sub-rule (1) is declared to be the purchaser of the property at any subsequent sale, nothing contained in rule 57 shall apply to the case and the amount of the purchase price shall be adjusted towards the amount specified in the certificate.

 

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Income Tax Act, 1961 

 

Indian Laws – Bare Acts

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