Guidelines regarding attached immoveable properties. - Income Tax - 1866/1990

INSTRUCTION NO. 1866/1990 Dated: November 21, 1990 In its 152nd report, the Public Accounts Committee has recommended that the Income-tax Department should take possession of title deeds in respect of immovable properties subsequent to attachment are forestalled. This recommendation has been accepted by the Government, in principle. Therefore, wherever possible, all efforts should be made to obtain the title deeds of the attached property from the assessee. Such an action can be taken without any difficulty wherever the assessee asks for stay of recovery, grant of instalments etc. 2. The Public Accounts Committee has also noticed that in many cases, auctions of immovable properties attached by the department had to be postponed for want of a bid equal to or more than the reserve price. Rule 59 of the Second Schedule to the Income-tax Act, 1961 provides for participation of the Central Government (through the Assessing Officer authorised in this behalf by the Chief Commissioner or Commissioner of Income-tax) in a subsequent auction for the sale of such properties. Therefore, wherever practicable, the Assessing Officers should actively participate in such second or subsequent auctions so that the attached properties are disposed of expeditiously. 3. The above instructions may the brought to the notice of all officers in your region. 4. Hindi version will follow.