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1996 (2) TMI 428 - SC - VAT and Sales TaxWhether auction sale is invalid because the auction purchasers did not deposit the full purchase price on the date of the auction sale? Held that:- Appeals are allowed and the auction sale held on 2nd of January, 1974 is set aside. The High Court was not right in observing that the objections could be decided at a later date even after the sale of the shares to which the objections pertained. Proceeding with the auction sale without adjudicating upon the objections is a material irregularity which vitiates the sale. The appellant has thereby lost his valuable right to have his objections adjudicated upon in accordance with law. The objections were raised much prior to the auction sale and they ought to have been decided before the auction sale took place. Failure to do so vitiated the sale. Respondents 2 and 3 will be at liberty to withdraw the purchase price deposited by them which as informed, is invested in fixed deposits together with accrued interest thereon.
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