https://www.taxtmi.com/caselaws?id=217568 A purchaser who acquires property after service of notice under Section 6(1) of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 cannot rely on the transferee-in-good-faith protection in Section 2(2)(e). The statutory scheme treats post-notice transfers of notified property as ineffective for the forfeiture proceedings, and Section 11 deems such transfers null and void once forfeiture is confirmed. Claims based on due diligence, bank financing, or asserted bona fides do not validate a transfer prohibited by the Act. The forfeiture order was therefore upheld and no further opportunity was required. en-us Thu, 04 Oct 2012 00:00:00 +0530 Thu, 18 Oct 2012 23:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217568 A purchaser who acquires property after service of notice under Section 6(1) of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 cannot rely on the transferee-in-good-faith protection in Section 2(2)(e). The statutory scheme treats post-notice transfers of notified property as ineffective for the forfeiture proceedings, and Section 11 deems such transfers null and void once forfeiture is confirmed. Claims based on due diligence, bank financing, or asserted bona fides do not validate a transfer prohibited by the Act. The forfeiture order was therefore upheld and no further opportunity was required. Case-Laws FEMA Thu, 04 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217568