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Gujarat IT Dept recovers ₹2.86 crore in auction sale

Updated: Apr 3rd, 2024

Gujarat Income Tax Department has auctioned off the immovable property of Sash Nagji Davara at Varachha Road, Surat, to recover a certificate debt of approximately ₹21.21cr. 

This amount was owed for the assessment years 2010-11, 2011-12, and 2012-13, as per the certificates dated Sept 8, 2014, and Feb 21, 2018.

The auction, conducted on Mar 28, 2024, at the Income Tax office in Surat, aimed to recover the outstanding debt, which included recovery costs, charges, and accrued interest under section 220(2) of the Income Tax Act from Mar 1, 2024, until the auction date.

A Surat Tax Collection Officer told the news agency that the land was sold and the department has successfully recovered ₹2.86cr, amounting to 25% of the total dues.

“We anticipate recovering the remaining amount in due course,” he said.

The reserve price of the land was ₹15.03 lakh, with an earnest money deposit set at ₹1.50 lakh. The auction process was governed by the Second Schedule of the Income Tax Act, 1961, and the Income Tax (Certificate Proceedings) Rules, 1962, ensuring a transparent and lawful recovery of the outstanding tax debt.

The public auction saw the sale of a piece of agricultural land measuring 7,300 sq mtrs, located at R S No/Block No. 78/3, village Anada, taluka Ankleshwar, district Bharuch.

Interested bidders were informed of the auction details by Mukesh Kumar Singh, Income Tax Inspector, while more information was made available on the Income Tax Department’s official website.

(Source: IANS)

- Edited for style 

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