https://www.taxtmi.com/caselaws?id=198394 Rule 57(1) of the Second Schedule to the Income Tax Act requires immediate deposit of 25% of the bid amount on declaration of the purchaser and is mandatory, so the time for that deposit cannot be extended. While Rule 57(2), read with section 29 of the Recovery of Debts Due to Banks and Financial Institutions Act, permits application of income-tax recovery rules with necessary modifications, any extension of time for payment of the balance purchase money must be authorised by the sale notice. In the absence of such an enabling clause, the Recovery Officer has no jurisdiction to enlarge time, and the auction sale is liable to be set aside. en-us Tue, 12 Jul 2011 00:00:00 +0530 Wed, 31 Oct 2018 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198394 Rule 57(1) of the Second Schedule to the Income Tax Act requires immediate deposit of 25% of the bid amount on declaration of the purchaser and is mandatory, so the time for that deposit cannot be extended. While Rule 57(2), read with section 29 of the Recovery of Debts Due to Banks and Financial Institutions Act, permits application of income-tax recovery rules with necessary modifications, any extension of time for payment of the balance purchase money must be authorised by the sale notice. In the absence of such an enabling clause, the Recovery Officer has no jurisdiction to enlarge time, and the auction sale is liable to be set aside. Case-Laws Indian Laws Tue, 12 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198394