https://www.taxtmi.com/caselaws?id=165256 Excise auction conditions can create an enforceable liability against a defaulting highest bidder to make good the deficiency on resale, even if no formal contract executed under Article 299 exists. Where the bidder was bound to deposit one-sixth of the bid immediately and the scheme authorised resale at the defaulter's risk and loss, recovery of the shortfall from the bidder remained maintainable. The acceptance of the bid subject to higher approval did not negate liability for default under the auction terms and statutory scheme. The Revenue was therefore entitled to recover the deficiency, and the concurring view likewise treated the auction conditions as creating an obligation independent of a formally executed Article 299 contract. en-us Fri, 21 Dec 1979 00:00:00 +0530 Sat, 02 Aug 2014 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165256 Excise auction conditions can create an enforceable liability against a defaulting highest bidder to make good the deficiency on resale, even if no formal contract executed under Article 299 exists. Where the bidder was bound to deposit one-sixth of the bid immediately and the scheme authorised resale at the defaulter's risk and loss, recovery of the shortfall from the bidder remained maintainable. The acceptance of the bid subject to higher approval did not negate liability for default under the auction terms and statutory scheme. The Revenue was therefore entitled to recover the deficiency, and the concurring view likewise treated the auction conditions as creating an obligation independent of a formally executed Article 299 contract. Case-Laws Central Excise Fri, 21 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165256