https://www.taxtmi.com/caselaws?id=457819 Section 9 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 applies where the unexplained source of acquisition is less than one-half of the consideration, enabling an option to pay fine in lieu of forfeiture. The fine is to be computed on the proportionate value of the unexplained part at the time of acquisition, not on later market value, unless the statute expressly adopts market value. On the facts noted, the bank balance was excluded from forfeiture as negligible, while forfeiture of the shares was sustained because no sufficient lawful source was established. en-us Wed, 04 Oct 2000 00:00:00 +0530 Fri, 27 Sep 2024 21:11:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457819 Section 9 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 applies where the unexplained source of acquisition is less than one-half of the consideration, enabling an option to pay fine in lieu of forfeiture. The fine is to be computed on the proportionate value of the unexplained part at the time of acquisition, not on later market value, unless the statute expressly adopts market value. On the facts noted, the bank balance was excluded from forfeiture as negligible, while forfeiture of the shares was sustained because no sufficient lawful source was established. Case-Laws FEMA Wed, 04 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457819