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TMI Blog2004 (9) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... 27th august, 2003 at the instance of the respondent against the appellants for attachment and sale of two plots of land being cts nos. 256 and 257 belonging to the appellant. both the plots were valued by the government approved valuer at rs. 13,82,61,132.50. the two plots were depicted in a sketch map annexed to the report. cts no. 256 consists of a bungalow and was valued at rs. 1,68,66,347.50. cts no. 257 which is adjacent to and lies to the south of cts no. 256 and consists of a factory building was valued at rs. 12,13,94,8007 -. according to this report, the access to both the plots was from suren road which lies to the north of cts no. 256. a proclamation of sale was published and the date of sale of the two plots was fixed on 29th ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purpose of these appeals. The time of issuing notice on the special leave petitions, this court had directed the status quo to be maintained. that interim order is continuing. The appellants' assertion is that regulation 60 is contrary to section 29 of the act read with rules 52 and 53 of schedule 2 of the income-tax, 1961 (referred to as 'the rules'). section 29 of the act provides that the provisions of the second and third schedules to the income-tax act, 1961 and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications to proceedings for recovery of a debt under the act. Rules 52 and 53 of the second schedule to the income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proved valuer or a valuer from the panel of income-tax department. the valuer shall submit valuation report confidentially to the recovery officer. (3) on the basis of the valuation report, the recovery officer shall fix the reserve price. the reserve price may not be ordinarily declared in the first instance. (4) the certified copy of valuation report shall not be supplied to the parties till the reserve price is declared. (5) where the property is situated outside the local jurisdiction of the tribunal, the recovery officer may ordinarily forward the copy of recovery certificate for execution to the tribunal having local jurisdiction over the said property. the said recovery certificate shall be forwarded vide letter in form no. 49. (6) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his property and prevailing in the locality though exaggeration may at time be possible. There is no corresponding provision in rule 52 or 53 of the schedule to the income-tax act, 1961 or in any other provision which have been incorporated into the act by section 29. it cannot, therefore, be said that regulation 60 is violative of section 29 of the act. It was the contention of the appellant before the high court that cts no. 257 should be separately sold from cts no. 256 as the value of cts no. 257 was sufficient to meet the claim of the respondent-bank. the high court correctly acceded to this prayer particularly in view of rule 52 (1). before us, the appellant's contention is that it was not necessary to sell cts no. 257 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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