https://www.taxtmi.com/caselaws?id=164120 An auction sale may be completed later than the fall of the hammer where the auction terms expressly keep the highest bid open for acceptance, because the parties can vary the default rule under the Sale of Goods Act, 1930. Here, the 30-day acceptance period meant the bidder could withdraw and the competent authority could accept or reject the bid during that period, so completion occurred only on expiry of the stipulated time, not on the auction date. The later sanction and execution of the lease deed did not change that completion date. Sales tax was therefore chargeable at the rate in force on expiry of the 30-day period, and the enhanced rate did not apply. en-us Tue, 23 Dec 2008 00:00:00 +0530 Fri, 21 Nov 2014 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164120 An auction sale may be completed later than the fall of the hammer where the auction terms expressly keep the highest bid open for acceptance, because the parties can vary the default rule under the Sale of Goods Act, 1930. Here, the 30-day acceptance period meant the bidder could withdraw and the competent authority could accept or reject the bid during that period, so completion occurred only on expiry of the stipulated time, not on the auction date. The later sanction and execution of the lease deed did not change that completion date. Sales tax was therefore chargeable at the rate in force on expiry of the 30-day period, and the enhanced rate did not apply. Case-Laws VAT and Sales Tax Tue, 23 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164120