Section 59. Authority to bid

2[ 59. Authority to bid. —(1) Where the sale of a property, for which a reserve price has been specified under clause (cc) of rule 53, has been postponed for want of a bid of an amount not less than such reserve price, it shall be lawful for an[3] [Assessing Officer], if so authorised by the[4] [[5] [Principal Chief Commissioner or Chief Commissioner] or[6] [Principal Commissioner or Commissioner]] in this behalf, to bid for the property on behalf of the Central Government at any subsequent sale.] [7] [(2)] All persons bidding at the sale shall be required to declare, if they are bidding on their own behalf or on behalf of their principals. In the latter case, they shall be required to deposit their authority, and in default their bids shall be rejected. 1. The proviso added by Act 41 of 1975, s. 81 (w.e.f. 1-10-1975). 2. Ins. by s. 81 ibid . (w.e.f. 1-10-1975). 3. Subs. by Act 3 of 1989, s. 54, for "Income-tax Officer" (w.e.f. 1-4-1988). 4. Subs. by Act 4 of 1988, s. 2, for "Commissioner" (w.e.f. 1-4-1988). 5. Subs. by Act 25 of 2014, s. 4 for "Chief Commissioner" (w.e.f. 1-6-2013). 6. Subs. by s. 4, ibid ., for "Commissioner" (w.e.f. 1-6-2013).