9911796707
TMI BlogScheme for disposal of immoveable properties purchased under Ch.XXC of the Act.X X X X Extracts X X X X X X X X Extracts X X X X ..... ommended liberalisation of the payment schedule by the successful bidders particularly in respect of properties having higher bid amount. 2. The public Accounts Committee of the Parliament in its report on the system review has also recommended for a review of entire system of disposal of properties by the Government. Considering these recommendations, the Board has taken the following decisions: (i) The properties purchased under Chapter XXC shall be put to open public auction within a period of 3 months of date of purchase order or as soon as possible so as to minimise the period for which the Government money remains locked in such properties. (ii) For bid amounts up to Rs. 50 lakhs the successful bidder will have to make entire payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld start with the market value estimated by the appropriate authority and should not go below the reserve price fixed for the sale of the property. 2. The existing instructions for fixation of the reserve price shall continue to be operative. 3. Considering the liberalised modes of disposal of properties as above it is expected that the entire pendency of unsold properties shall be shortly liquidated and no property in future will remain unsold for a period of more than 3 months unless its sale has been prohibited by any competent court. The appropriate authorities should be actively associated with the process of disposal of properties purchased by them and they should always bear in mind the salability of the properties being considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ising the auction the authority from his principal for bidding in the auction. 8. Intending bidders are required to deposit for participating in the Auction, a caution deposit of Rs. 25,000/-(Rupees Twenty Five thousand only) with the Auctioner, by a crossed Barkers Pay Order drawn on any Scheduled Bank in..... This will be refunded subject to the terms hereof to all the bidders except the successful bidder who will be entitled to refund of the caution deposit on payment of earnest money. However, if the successful bidder so wants, this amount will be adjusted against the earnest money payable by him. The caution deposit is liable to be forfeited if the bidder concerned causes or attempts to cause disturbance or hurdles in the conduct of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer. He will also be required to confirm in writing and under his signature that he has purchased the property in the auction on the terms and conditions of sale mentioned herein 25% of the did amount will have to be paid within 30 days and the balance amount of did amount will have to be paid within 90 days from the date of confirmation of the sale by the Chief Commissioner of Income-tax. 11. Failure on the part of the successful didder to pay the earnest money first instalment of 25% of the did amount and the remaining part of the did within the periods mentioned in paras 9 & 10, shall results in forfeiture of the amounts already paid. No request for extension of time shall be entertained on any grounds. 12. All payments must be made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tending purchaser without any interest, unless the same is forfeited as above. 16. Only Courts in..........shall have exclusive jurisdiction to adjudicate upon any matter arising under/or relating to the auction sale. 17. The successful didder should mention in the did sheet the correct name of the purchaser in whose name/names the property intended to be transferred. No subsequent change/alteration of the name/names will be allowed. 18. The purchaser shall abide by any other conditions. Which may be announced by the auctioneer or any other authorised officer on behalf of the Chief Commissioner of Income-tax at the time of auction sale. 19. All diders/purchasers shall be deemed to have read and acquainted themselves with the conditions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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