Depreciation and routine compliance expenses disallowance did not prove inaccurate particulars or misreporting; penalty sustained only on foreign trav...
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The auction sale notice for the immovable property of the society under liquidation was published with a lower valuation and upset price. Despite being aware of the undervaluation, the appellant did not promptly challenge it, allowing the auction to proceed. The auction purchaser was a statutory body, the Agricultural Produce Market Committee. The court held that the appellant's delayed objection after the auction was unjustified, as it should have approached the court promptly upon noticing the undervaluation. The law discourages indolent litigants and aims to protect accrued third-party rights. Although the purchaser's statutory status does not grant immunity for acquiring property at a throwaway price, the appellant's own interests as a cooperative bank deserve consideration. Invoking Article 142, the court directed the purchaser to pay the appellant Rs. 1,05,98,710 towards full settlement of the society's outstanding dues, disposing of the appeal.
The auction sale notice for the immovable property of the society under liquidation was published with a lower valuation and upset price. Despite being aware of the undervaluation, the appellant did not promptly challenge it, allowing the auction to proceed. The auction purchaser was a statutory body, the Agricultural Produce Market Committee. The court held that the appellant's delayed objection after the auction was unjustified, as it should have approached the court promptly upon noticing the undervaluation. The law discourages indolent litigants and aims to protect accrued third-party rights. Although the purchaser's statutory status does not grant immunity for acquiring property at a throwaway price, the appellant's own interests as a cooperative bank deserve consideration. Invoking Article 142, the court directed the purchaser to pay the appellant Rs. 1,05,98,710 towards full settlement of the society's outstanding dues, disposing of the appeal.
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