Diamond bourse auction put off

8220;However, even if we had auctioned the property, the BMC would have been able to recover only Rs 4 crore as the property belongs to the Maharashtra Metropolitan Regional Develeopment Authority MMRDA,8221; he added.

He added that the tax would not be accepted in instalments as requested by the members earlier as well as in the courts. The members had earlier requested the BMC that they would pay the tax in instalments. However, the BMC turned down the request following which the members approached the Bombay HighCourt. But the court ruled in favour of the BMC.

The members then filed an appeal in the Supreme Court which also ruled in favour of the BMC and also directed the members to pay the tax immediately.

The BMC would, however, not recover the expenditure it incurred on the advertisemnts for the auction, informed Satam.