https://www.taxtmi.com/caselaws?id=192403 Section 36 of the Tamil Nadu Revenue Recovery Act was construed to require publication of both the date and place of sale, because effective publicity, competitive bidding and fairness are integral to public auction process. Omission to specify the place of sale deprived intending bidders of a real opportunity to participate and rendered the auction invalid. The provision requiring deposit of the balance 85% sale consideration within 30 days was also treated as mandatory, subject only to lawful restraint preventing payment; belated deposit could not support valid confirmation of sale. Non-compliance with these statutory conditions vitiated the auction and the confirmation. en-us Fri, 01 Nov 1991 00:00:00 +0530 Tue, 30 May 2017 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192403 Section 36 of the Tamil Nadu Revenue Recovery Act was construed to require publication of both the date and place of sale, because effective publicity, competitive bidding and fairness are integral to public auction process. Omission to specify the place of sale deprived intending bidders of a real opportunity to participate and rendered the auction invalid. The provision requiring deposit of the balance 85% sale consideration within 30 days was also treated as mandatory, subject only to lawful restraint preventing payment; belated deposit could not support valid confirmation of sale. Non-compliance with these statutory conditions vitiated the auction and the confirmation. Case-Laws Income Tax Fri, 01 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192403