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of <h1>New Guidelines for Auctioning Properties Under Chapter XX-C: Reserve Price Based on Fair Market Value.</h1> Instruction No. 02/2013, dated 5-2-2013, supersedes the previous instruction from 1990 regarding the auction of properties acquired under Chapter XX-C of the Income-tax Act, 1961. It outlines the process for determining the reserve price for such properties. The reserve price must reflect the fair market value, determined by referring the property to the Valuation Cell, which will provide a Detailed Valuation Report. This report should include comparative market analysis with at least three similar sale instances. The Appropriate Authority sets the reserve price based on this report, valid for six months, with any deviation requiring Board approval.
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