Income Tax Act, 2025
Section 5: Subs. by s. 4, ibid., for “Commissioner” (w.e.f. 12013).
5. Subs. by s. 4, ibid., for “Commissioner” (w.e.f. 12013).
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(2) Where any property is accepted under sub-rule (1), the defaulter shall deliver possession of such
property to the 1[Assessing Officer] and on the date the possession of the property is delivered to the
1[Assessing 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 shall be paid by the 1[Assessing Officer] to the defaulter within a period of three
months from the date of delivery of possession of the property and where the 1[Assessing Officer] fails to
pay such excess within the period aforesaid, the Central Government shall, for the period commencing on
the expiry of such period and ending with the date of payment of the amount remaining unpaid, pay
simple interest at 2[one-half per cent. for every month or part of a month] to the defaulter on such
amount.]
3[68B. Time limit for sale of attached immovable property.—(1) No sale of immovable property
shall be made under this Part after the expiry of three years from the end of the financial year in which the
order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery of
which the immovable property has been attached, has become conclusive under the provisions of
section 245-I or, as the case may be, final in terms of the provisions of Chapter XX:
Provided that where the immovable property is required to be re-sold due to the amount of highest bid
being less than the reserve price or under the circumstances mentioned in rule 57 or rule 58 or where the
sale is set aside under rule 61, the aforesaid period of limitation for the sale of the immovable property
shall stand extended by one year.
(2) In computing the period of limitation under sub-rule (1), the period—
(i) during which the levy of the aforesaid tax, interest, fine, penalty or any other sum is stayed by
an order or injunction of any court; or
(ii) during which the proceedings of attachment or sale of the immovable property are stayed by
an order or injunction of any court; or
(iii) commencing from the date of the presentation of any appeal against the order passed by the
Tax Recovery Officer under this Schedule and ending on the day the appeal is decided,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
for the sale of the immovable property is less than 180 days, such remaining period shall be extended to
180 days and the aforesaid period of limitation shall be deemed to be extended accordingly.
(3) Where any immovable property has been attached under this Part before the 1st day of June, 1992,
and the order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery
of which the immovable property has been attached, has also become conclusive or final before the said
date, that date shall be deemed to be the date on which the said order has become conclusive or, as the
case may be, final.
(4) Where the sale of immovable property is not made in accordance with the provisions of
sub-rule (1), the attachment order in relation to the said property shall be deemed to have been vacated on
the expiry of the time of limitation specified under this rule.]
Where any property is accepted under sub-rule
Where the price of the property agreed upon under sub-rule
exceeds the amount due from the
defaulter, such excess shall be paid by the 1[Assessing Officer] to the defaulter within a period of three
months from the date of delivery of possession of the property and where the 1[Assessing Officer] fails to
pay such excess within the period aforesaid, the Central Government shall, for the period commencing on
the expiry of such period and ending with the date of payment of the amount remaining unpaid, pay
simple interest at 2[one-half per cent. for every month or part of a month] to the defaulter on such
amount.]
3[68B. Time limit for sale of attached immovable property.—
No sale of immovable property
shall be made under this Part after the expiry of three years from the end of the financial year in which the
order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery of
which the immovable property has been attached, has become conclusive under the provisions of
section 245-I or, as the case may be, final in terms of the provisions of Chapter XX:
Provided that where the immovable property is required to be re-sold due to the amount of highest bid
being less than the reserve price or under the circumstances mentioned in rule 57 or rule 58 or where the
sale is set aside under rule 61, the aforesaid period of limitation for the sale of the immovable property
shall stand extended by one year.
In computing the period of limitation under sub-rule
during which the levy of the aforesaid tax, interest, fine, penalty or any other sum is stayed by
an order or injunction of any court; or
during which the proceedings of attachment or sale of the immovable property are stayed by
an order or injunction of any court; or
commencing from the date of the presentation of any appeal against the order passed by the
Tax Recovery Officer under this Schedule and ending on the day the appeal is decided,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
for the sale of the immovable property is less than 180 days, such remaining period shall be extended to
180 days and the aforesaid period of limitation shall be deemed to be extended accordingly.
Where any immovable property has been attached under this Part before the 1st day of June, 1992,
and the order giving rise to a demand of any tax, interest, fine, penalty or any other sum, for the recovery
of which the immovable property has been attached, has also become conclusive or final before the said
date, that date shall be deemed to be the date on which the said order has become conclusive or, as the
case may be, final.
Where the sale of immovable property is not made in accordance with the provisions of
sub-rule