https://www.taxtmi.com/caselaws?id=334871 Rule 68B of the Second Schedule to the Income-tax Act requires sale of immovable property in recovery proceedings to be completed within three years from the end of the financial year in which the demand order becomes final. The provision is mandatory, and if the sale is not completed within that period, sub-rule (4) deems the attachment vacated. On the stated facts, the relevant order became final on 10.08.2010 and the prescribed period expired on 31.03.2014, so continuation of the attachment beyond that date was inconsistent with the statutory scheme. The attachment therefore stood vacated and the challenge succeeded. en-us Fri, 16 Sep 2016 00:00:00 +0530 Tue, 22 Nov 2016 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334871 Rule 68B of the Second Schedule to the Income-tax Act requires sale of immovable property in recovery proceedings to be completed within three years from the end of the financial year in which the demand order becomes final. The provision is mandatory, and if the sale is not completed within that period, sub-rule (4) deems the attachment vacated. On the stated facts, the relevant order became final on 10.08.2010 and the prescribed period expired on 31.03.2014, so continuation of the attachment beyond that date was inconsistent with the statutory scheme. The attachment therefore stood vacated and the challenge succeeded. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334871