https://www.taxtmi.com/caselaws?id=271337 Rule 60 of the Second Schedule to the Income Tax Act, 1961, as applied in recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, requires a certified debtor seeking to set aside an auction sale to deposit within thirty days the amount specified in the sale proclamation, together with interest at fifteen per cent per annum and a five per cent penalty. The proclamation amount must be understood from the document as a whole, not only from an earlier payable figure. On the facts, the debtor did not deposit the full amount within time, and the shortfall could not be cured later. The rule is mandatory, and equitable relaxation is unavailable. en-us Tue, 22 Dec 2015 00:00:00 +0530 Tue, 02 Feb 2016 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271337 Rule 60 of the Second Schedule to the Income Tax Act, 1961, as applied in recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, requires a certified debtor seeking to set aside an auction sale to deposit within thirty days the amount specified in the sale proclamation, together with interest at fifteen per cent per annum and a five per cent penalty. The proclamation amount must be understood from the document as a whole, not only from an earlier payable figure. On the facts, the debtor did not deposit the full amount within time, and the shortfall could not be cured later. The rule is mandatory, and equitable relaxation is unavailable. Case-Laws Indian Laws Tue, 22 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271337