https://www.taxtmi.com/caselaws?id=338638 The court set aside the auction sale due to the auction purchaser's failure to remit the balance consideration under Rule 58 of the IT Act, 1961. The judgment favored respondents 5 to 8, directing a re-auction and the return of the balance amount after deducting expenses. The petitioner was allowed to settle IT Act dues to lift the attachment and retain property rights, with specified payment deadlines. Failure to comply would lead to auction by the Income Tax Department. The writ petition was allowed with directions, resolving the auction sale dispute and assigning costs to respective parties. en-us Thu, 11 Aug 2016 00:00:00 +0530 Wed, 08 Feb 2017 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338638 The court set aside the auction sale due to the auction purchaser's failure to remit the balance consideration under Rule 58 of the IT Act, 1961. The judgment favored respondents 5 to 8, directing a re-auction and the return of the balance amount after deducting expenses. The petitioner was allowed to settle IT Act dues to lift the attachment and retain property rights, with specified payment deadlines. Failure to comply would lead to auction by the Income Tax Department. The writ petition was allowed with directions, resolving the auction sale dispute and assigning costs to respective parties. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338638