https://www.taxtmi.com/caselaws?id=346691 Mandatory deposit requirements for recovery sales under the Second Schedule to the Income-tax Act were treated as imperative: failure to pay the balance bid amount within the prescribed time rendered the auction non est, and the later confirmation of sale and sale certificate could not cure the defect. A void sale could be challenged without first pursuing the remedies for setting aside a valid sale, and the transferee's private transfer after service of notice was void against the Revenue. The challenge to the recovery sale was therefore maintainable, while the assignee's claim failed because his transfer was ineffective against the Revenue. en-us Mon, 24 Jul 2017 00:00:00 +0530 Wed, 28 Nov 2018 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346691 Mandatory deposit requirements for recovery sales under the Second Schedule to the Income-tax Act were treated as imperative: failure to pay the balance bid amount within the prescribed time rendered the auction non est, and the later confirmation of sale and sale certificate could not cure the defect. A void sale could be challenged without first pursuing the remedies for setting aside a valid sale, and the transferee's private transfer after service of notice was void against the Revenue. The challenge to the recovery sale was therefore maintainable, while the assignee's claim failed because his transfer was ineffective against the Revenue. Case-Laws Income Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346691