Sum forfeited by Tax Dept. as purchaser didn’t buy auctioned property can’t be paid to assessee: HC

INCOME TAX : Where two shops of assessee attached for recovery of tax payable by assessee were auctioned for recovery, however, auction failed as purchaser paid only 25 per cent of total auction amount and did not pay balance amount, said properties were to be resold and such 25 per cent of amount already paid by purchaser was to be forfeited to Government and not to be credited to assessee as, in case, reauction was successful then assessee would have benefit of sale proceeds

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316253/sum-forfeited-by-tax-dept-as-purchaser-didn’t-buy-auctioned-property-can’t-be-paid-to-assessee-hc.aspx