(1) An Officer seizing the goods under sub-section (4) or sub-section (9) of section 75 of the Act shall cause to be published on the notice board of his office, a notice under his signature specifying the details of goods seized and vehicle/carrier confiscated and intended for sale by auction, the reserve price of the goods, the place, day and hour at which the seized goods/vehicle or carrier will be sold by auction and earnest money deposit payable and shall display copies of such list and such notice in more than one public place in or around the place in which the goods were found and seized.

(2) No sale by auction shall take place before the expiry of a period of fifteen days from the date on which the notice is affixed.

(3) The Officer who seized the goods or any other Officer authorized in this behalf by the Commissioner shall conduct the auction in person and as far as possible the goods shall be made available at the place of auction.

(4) At the appointed time the goods shall be put in one or more lots as the officer conducting the auction may consider advisable and shall be knocked down in favour of the highest bidder subject to confirmation of sale by auction by the Commissioner.

(5) The auction purchaser shall pay the sale value of the goods including Value Added Tax applicable, by depositing the same in the Government Treasury within three working days after the sale and he shall not be permitted to carry away the goods unless the amounts are paid in full. If the auctioned sum is not deposited within three working days, the earnest money deposit shall be confiscated and the goods shall be re-auctioned as per the schedule determined by the officer concerned.

(6) Notwithstanding anything contained in the foregoing sub-rules, if the goods seized are of a perishable nature or subject to speedy and natural decay or when the expenses of keeping them in custody are likely to exceed their value, the officer, upon recording reasons in writing for doing so, shall sell the goods immediately. All such actions shall be reported to the Commissioner within 24 hours immediately after such seizure.

(7) Where the appellate or revisional authority orders any refund of the sale proceeds of the goods seized and sold in auction, the same shall be made after deducting any tax to be collected and remitted to Government in accordance with the provisions of the Act and any other charges incurred in connection with the auction sale.