https://www.taxtmi.com/caselaws?id=24219 Forfeiture under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 was not sustainable for property that was shown by contemporaneous records and long-standing treatment to be lawfully owned or funded. The agricultural land was traced to ancestral acquisition, the dharamshala and temples were supported as public, religious and charitable property, and the business assets, car and insurance premiums were linked to established business accounts and prior income-tax acceptance. On the record, only the investments in Peerless General Finance and Investment Co. Ltd. remained unexplained, so forfeiture could be upheld only to that limited extent. en-us Wed, 26 Apr 1989 00:00:00 +0530 Mon, 18 Jan 2010 15:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24219 Forfeiture under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 was not sustainable for property that was shown by contemporaneous records and long-standing treatment to be lawfully owned or funded. The agricultural land was traced to ancestral acquisition, the dharamshala and temples were supported as public, religious and charitable property, and the business assets, car and insurance premiums were linked to established business accounts and prior income-tax acceptance. On the record, only the investments in Peerless General Finance and Investment Co. Ltd. remained unexplained, so forfeiture could be upheld only to that limited extent. Case-Laws Income Tax Wed, 26 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24219