FORM VAT- 46 AUCTION NOTICEIt is for information of the general public that the goods, the details of which are given hereunder shall be put to Public Auction on at 11.00 AM in the office of the ed located at district (ii) of the Punjab Value Added Tax Rules , 2005 for recovery of arrears of tax penalty and interest under the interest under the Punjab Value Added Tax Act, 2005. Description of GoodsTerms and Conditions1. The goods belong to M/s who re -acquire the goods as per rule 57(1). Only if the above said persons)refuse to re -acquire orfails to join the auction proceedings, the goods will be sold to the highest bidder. 2. The goods can be examined on any working day before the date of auction. 3. The intending bidder shall be required to deposit before actual bid, an earnest money of 10% of the\ estimated value of the goods. The amount will be adjusted towards balance 75% payment due from th e successful bidder(s) and in case of others, the same will be refunded at the close of the auction. In case the successful bidder(s) backs out after the acceptance of bid, the amount shall be forfeited. 4. The bid will be closed in favour of highest bidder and 25% of the amount of the bid will be deposited at the fall of hammer. 5. The final bid shall be approved by the Deputy Excise and Taxation Commissioner in charge of the Div ision, if the auction money exceeds Rs.50,000/-. 6. The goods will be allowed to be removed only after approval of the bid and on payment of the balan ce 75% amount in cash within 72 hours of acceptance of the bid. 7. In case the successful bidder fails to pay the bid money, the goods shall be resold by auction following the above procedure. 8. The committee reserves the right to reject any bid without assigning any reason. ASSISTANT EXCISE AND TAXATION COMMISSIONERDISTRICTundersigndistrict by the Auction Committee constituted under Rule 70 shal l have the first option to CHANDIGARH ADMINISTRATION
