(1)The Commissioner may, subject to the provisions of section 32, dispose of by public auction any taxable goods seized under sub-section (2) of section 37 or under sub-section (4) of section 38, in such manner as may be prescribed, and so much of the sale proceeds of the auction, after deducting the cost of conducting the auction, as may be required for payment of the dues on account of tax and penalty shall be appropriated towards the same and the balance, if any, should be paid to the person from whom the goods were seized or to the owner of such goods.]
