https://www.taxtmi.com/caselaws?id=22036 Property held after commencement of the forfeiture statute could still be forfeited even if the conviction and acquisition pre-dated the Act, because illegally acquired property was defined to cover property acquired before or after commencement from prohibited activity. A gift did not bring the transferee within the statutory protection, as the exception applied only to a bona fide transferee for adequate consideration, and no such basis was shown. The Gold Bonds scheme did not confer immunity, since the forfeiture statute operated notwithstanding inconsistent laws. Delay in initiating and completing proceedings was not fatal where it was explained by investigation and procedural steps. The source of funds for the gold bonds was not proved, so the property was treated as illegally acquired. en-us Tue, 12 Nov 1991 00:00:00 +0530 Sat, 05 Dec 2009 16:12:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22036 Property held after commencement of the forfeiture statute could still be forfeited even if the conviction and acquisition pre-dated the Act, because illegally acquired property was defined to cover property acquired before or after commencement from prohibited activity. A gift did not bring the transferee within the statutory protection, as the exception applied only to a bona fide transferee for adequate consideration, and no such basis was shown. The Gold Bonds scheme did not confer immunity, since the forfeiture statute operated notwithstanding inconsistent laws. Delay in initiating and completing proceedings was not fatal where it was explained by investigation and procedural steps. The source of funds for the gold bonds was not proved, so the property was treated as illegally acquired. Case-Laws Income Tax Tue, 12 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22036