Under the provisions of Chapter XX-C of the Income Tax Act 1961 -Proposal for exemption of prior approval of Cabinet for disposal of immovable properties acquired by the Central Government

Posted on    14 August 2013

The Union Cabinet today approved the proposal for exemption of prior approval of Cabinet for disposal/auction of immovable properties acquired by the Central Government under the provisions of Chapter XX-C of the Income Tax Act 1961.

 

Earlier a government instruction was issued stating that all Ministries / Department would seek specific approval of the Cabinet in each case of sale or long term lease of land belonging to the Government. The proposed exemption will quicken the process of disposal of such properties, enabling early generation of revenues. Auction of these acquired properties are done at the market value of the property through a standard procedure adopted by the Income Tax Department



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