Court : DRAT Madras
Reported in : III(2004)BC269
..... act or the rules made thereunder shall be in addition to, and not in derogation of the industrial finance corporation act, 1948, the state financial corporation act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984 and the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989 ..... so, the finding of the po, drt that after execution proceedings stated the provisions of the income tax act is made applicable under section 29 read with section 34 of the rddb & fi act, is erroneous and it is liable to be set aside inasmuch as section 29 reads that the provisions of second and third schedules to the income tax and income tax (certificate proceedings) rules, ..... the recovery officer in his order dated 28.8.2002 has found that the demand notice under rule 2 of the second schedule of income tax act, 1961 were issued under part-1 of the rules whereas attachment of the property is provided under rule 48 of the said rules and service of attachment is provided under rule 49 and proclamation of attachment is provided ..... not clearly in view of the language used under rule 68(b) of the second schedule to the income tax act, 1961 to the effect that no sale of immovable property shall be made under this part after expiry of 4 years and in the present case attachment of immovable property was issued under rule 48 on 31.7.2001 and still the period of 4 years is available for proceeding further it .....
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