https://www.taxtmi.com/caselaws?id=160303 Where auction terms make the highest bid subject to confirmation by a competent authority, no concluded contract arises on the fall of the hammer. The bidder's acceptance remains conditional, and the offer may be withdrawn until confirmation. Liability for deficiency on resale applies only after a completed sale or an accepted bid under the statutory scheme. As the Chief Commissioner rejected the bid before confirmation, no binding contract of sale came into existence and the bidder was not liable for the resale deficiency. en-us Mon, 29 Sep 1969 00:00:00 +0530 Sat, 09 Aug 2014 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160303 Where auction terms make the highest bid subject to confirmation by a competent authority, no concluded contract arises on the fall of the hammer. The bidder's acceptance remains conditional, and the offer may be withdrawn until confirmation. Liability for deficiency on resale applies only after a completed sale or an accepted bid under the statutory scheme. As the Chief Commissioner rejected the bid before confirmation, no binding contract of sale came into existence and the bidder was not liable for the resale deficiency. Case-Laws Central Excise Mon, 29 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160303