47. Auction of goods under sections 68 and 70A

(1) Where the Commissioner decides to auction the goods under sub-section (7) of section 68 or sub-section (8) of section 70A, the auction shall be made in the following manner, namely:-
 (a) where the purchase bills relating to goods are not available, the sale price of such goods shall be determined on basis of the fair market price of the like goods at a relevant time;
(b) the Commissioner shall inform the date and place of auction to the person from whose possession the goods have been acquired.
 (2) When the Commissioner decides to auction the goods, he shall issue a proclamation for public auction for sale of such goods for cash on delivery fixing a date, not earlier than one week from the date of issue of such proclamation for sale, and in such proclamation, the time and place of sale and description of the goods for sale shall be mentioned.
(3) The proclamation for public auction referred to in sub-rule (2) shall be published in two local leading newspapers, and a copy of such proclamation shall be,-
a) displayed for public view at the place where the sale in auction is to take place; and
(b) forwarded to the dealer or person from whom such goods have been seized under section 68 or 70A or owner of such goods if his address is available, or to the person who subsequently claims ownership of authority of possession, where his address is available in the seizure records.
 (4) The proceeds of sales of the seized goods shall, within three working days from the date of sale in auction be deposited into the appropriate Government Treasury situated within the jurisdiction of the authority who has seized the goods.
 (5) Where any owner of the goods, sold in public auction or the person from whom such goods have been seized, claims the balance of the proceeds of sale made in such auction, he shall, within two working days from the date of auction, shall make an application to the Commissioner for the payment of such balance of the proceeds of sale. The Commissioner shall hold an inquiry with respect to such application and may decide to pay the remaining proceeds to the applicant. The Commissioner, while holding an inquiry in this respect shall consider and record all the aspects of the case and pass an order as he deems fit:
 Provided that if a dealer or a person or the owner of the goods so seized appears before the Commissioner on any day not later the day of auction and pay total amount so demanded including tax, interest and penalty, the Commissioner may release the goods so seized after recovering all the expenses including other incidental expenses such as storage charges etc. incurred for auction of sale of goods.