Surat, Apr 3 (IANS): Gujarat Income Tax Department has auctioned off the immovable property of Sash Nagji Davara located at 63 Ajmaldham Society, Akar Club Road in Varachha Road, Surat, to recover a certificate debt of approximately Rs 21.21 crore.

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

The auction, conducted on March 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 March 1, 2024, until the auction date.

A Surat Tax Collection Officer told IANS that the land was sold and the department has successfully recovered Rs 2.86 crore, amounting to 25 per cent of the total dues.

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

The reserve price of the land was Rs 15.03 lakh, with an earnest money deposit set at Rs 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 square meters, 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.