https://www.taxtmi.com/caselaws?id=258673 Forfeiture of earnest money was treated as a lawful consequence where a successful bidder failed to pay the balance bid amount within the stipulated 90-day period fixed by the auction notice and sale-confirmation terms. The bidder sought further time only after expiry of that contractual timeline, and extending time then would have altered the auction conditions and could have prejudiced other participants. The challenge to the CBDT instruction was not pursued by a direct attack on the instruction itself, and the impugned action remained consistent with the published sale terms. No basis for writ interference was made out. en-us Fri, 20 Mar 2015 00:00:00 +0530 Fri, 17 Apr 2015 08:04:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258673 Forfeiture of earnest money was treated as a lawful consequence where a successful bidder failed to pay the balance bid amount within the stipulated 90-day period fixed by the auction notice and sale-confirmation terms. The bidder sought further time only after expiry of that contractual timeline, and extending time then would have altered the auction conditions and could have prejudiced other participants. The challenge to the CBDT instruction was not pursued by a direct attack on the instruction itself, and the impugned action remained consistent with the published sale terms. No basis for writ interference was made out. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258673