Section 47(1) in Gujarat Value Added Tax Rules, 2006
(1)Where the Commissioner decides to auction the goods under sub-section (7) of section 68 or sub-section (8) of section 70A, the auction shall be made in the following manner, namely:-(a)where the purchase bills relating to goods are not available, the sale price of such goods shall be determined on basis of the fair market price of the like goods at a relevant time;(b)the Commissioner shall inform the date and place of auction to the person from whose possession the goods have been acquired.
