https://www.taxtmi.com/caselaws?id=40133 Property sought to be forfeited under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 cannot be treated as illegally acquired merely because of suspicion where the disclosed source of initial investment is supported by reliable material. Income-tax findings are not conclusive under section 21, but they retain evidentiary value and may be relied on unless positive material rebuts them. Where the appellant had disclosed initial capital and the tax authorities had not treated it as unexplained income, the Competent Authority could not disregard that material without contrary evidence. On that basis, the forfeiture order was unsustainable. en-us Thu, 30 Aug 1990 00:00:00 +0530 Mon, 21 Jul 2014 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40133 Property sought to be forfeited under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 cannot be treated as illegally acquired merely because of suspicion where the disclosed source of initial investment is supported by reliable material. Income-tax findings are not conclusive under section 21, but they retain evidentiary value and may be relied on unless positive material rebuts them. Where the appellant had disclosed initial capital and the tax authorities had not treated it as unexplained income, the Competent Authority could not disregard that material without contrary evidence. On that basis, the forfeiture order was unsustainable. Case-Laws Income Tax Thu, 30 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40133