TMI Blog2021 (8) TMI 483X X X X Extracts X X X X X X X X Extracts X X X X ..... the refund of the amount collected from the appellant should have been directed to be refunded with commercial penal interest - HELD THAT:- It may be true that the Commercial Taxes Department accepted the said property as one of the securities at the time of granting registration under the provisions of the Tamil Nadu General Sales Tax Act, but that may not be a ground which will inure in favour of the appellant who voluntarily participated in the auction sale and therefore, as an intending purchaser, the appellant was required to exercise due diligence and make thorough verification and cannot turn around and say that it is for the Department to verify all the facts. The Doctrine of Caveat Emptor stares at the appellant. The learned Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y them in the auction conducted by the 3rd respondent on 06.12.2006 in respect of the property which was brought for auction in the default committed by the Dealer, namely, Vellore District Co-operative Spinning Mills, Vellore, under the provisions of the Tamil Nadu General Sales Tax Act, 1959. The prayer in the other writ petition was to quash the proceedings of the 1st respondent, dated 14.08.2008, by which, the 1st respondent set aside the sale of the property, in which, the appellant had participated. The learned Writ Court did not grant the relief sought for, but granted a small reprieve to the appellant by directing the amount deposited by the appellant, being a sum of ₹ 1,35,00,000/-, to be refunded back to the appellant togeth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he securities at the time of granting registration under the provisions of the Tamil Nadu General Sales Tax Act, but that may not be a ground which will inure in favour of the appellant who voluntarily participated in the auction sale and therefore, as an intending purchaser, the appellant was required to exercise due diligence and make thorough verification and cannot turn around and say that it is for the Department to verify all the facts. The Doctrine of Caveat Emptor stares at the appellant. The learned Single Bench was right in refusing to grant the relief sought for and it is equally right in directing the amount paid by the appellant to be refunded and also with regard to the rate of interest. Therefore, we find no ground to inte ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
