(4)In every case in which the acceptance of a tender would involve an expenditure exceeding [twenty-five lakhs of rupees] [Words substituted for the words 'one lakh of rupees' by W.B. Act 43 of 1983.] and the Board propose to accept a tender which is not the lowest tender received, they shall submit to the State Government the specifications, conditions and estimates and all the tenders received, specifying the particular tender which they propose to accept with the reasons for such proposal.
