Appointment Of A Receiver

FORM NO.- I.T.C.P.- 24

SECTION 69 OR 70 UNDER SCHEDULE 2 OF IT ACT, 1961- APPOINTMENT OF RECEIVER

SECTION 69- Appointment of receiver for business.- (1) Where the property of a defaulter consists of a business, the Tax Recovery Officer may attach the business and appoint a person as receiver to manage the business.

(2) Attachment of a business under this rule shall be made by an order prohibiting the defaulter from transferring or charging the business in any way and prohibiting all persons from taking any benefit under such transfer or charge, and intimating that the business has been attached under this rule. A copy of the order of attachment shall be served on the defaulter, and another copy shall be affixed on a conspicuous part of the premises in which the business is carried on and on the notice board of the office of the Tax Recovery Officer.

SECTION 70-Appointment of receiver for immovable property.- Where immovable property is attached, the Tax Recovery Officer may, instead of directing a sale of the property, appoint a person as receiver to manage such property.


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