Amendment of Second Schedule

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....A Tax Recovery Officer, being a Gazetted Officer of the Central Government who is authorised to exercise the powers of a Tax Recovery Officer under this Act, may entrust any of his functions as Tax Recovery Officer to any other officer lower than him in rank (not being lower in rank than an Inspector of Income-tax) and such officer shall, in relation to the functions so entrusted to him, be deemed....

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....so re-numbered, the following sub-rule shall fee inserted, namely:- "(1) Where the sale of a property, for which a reserve price has been specified Under clause (cc) of rule 53, has been postponed for want of a bid of an amount not less than such reserve price, it shall be lawful for an Income-tax Officer, if so authorised by the Commissioner in this behalf, to Bid for the property on behalf of ....

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....on of the property is delivered to the Income-tax Officer, the property shall vest in the Central Government and the Central Government shall, where necessary, intimate the concerned Registering Officer appointed under the Registration Act, 1908 (16 of 1908), accordingly. (3) Where the price of the property agreed upon under sub-rule (1) exceeds the amount due from the defaulter, such excess sha....