https://www.taxtmi.com/caselaws?id=410214 The Court dismissed the writ petition, affirming that the forfeited amount from an auction rightfully belonged to the Government as per Rule 58 of the Income Tax Act, 1961. The Court upheld the respondent's action, stating that the amount should be credited to the Government since the auction purchaser failed to pay the balance. Despite the petitioner's arguments and claims, the Court emphasized that the petitioner would benefit from the re-auction proceeds if successful. The challenge was rejected, and the impugned orders were upheld, leading to the dismissal of the writ petition and related applications. en-us Wed, 14 Jul 2021 00:00:00 +0530 Mon, 22 Aug 2022 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410214 The Court dismissed the writ petition, affirming that the forfeited amount from an auction rightfully belonged to the Government as per Rule 58 of the Income Tax Act, 1961. The Court upheld the respondent's action, stating that the amount should be credited to the Government since the auction purchaser failed to pay the balance. Despite the petitioner's arguments and claims, the Court emphasized that the petitioner would benefit from the re-auction proceeds if successful. The challenge was rejected, and the impugned orders were upheld, leading to the dismissal of the writ petition and related applications. Case-Laws Income Tax Wed, 14 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410214