AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
Prevention of smuggling of, and fradulent dealings in antiquities.
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....ol) Act, 1947. 2. The Antiquities and Art Treasures Act, 1972 regulates the export trade in antiquities and art treasures, provides for the prevention of smuggling of, and fradulent dealings in antiquities and for compulsory acquisition of antiquities and art treasures, wherever considered for preservation in public places, and connected matters. Sub-clauses (a) and (b) of Clause (1) of Section 2....
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....n in existence for not less than seventy-five years; (b) "art treasure" means any human work of art, not being an antiquity, declared by the Central Government by notification in the Official Gazette to be an art treasure for the purposes of this Act having regard to its artistic or aesthetic value; Provided that no declaration under this clause shall be made in respect of any such work of art ....
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....ons etc. if the Central Government is of opinion that it is desirable to preserve any antiquity or art treasure in a public place, the Government is empowered to order its compulsory acquisition on payment of compensation (Section 19 and 20). 3. In appropriate cases, the Government may consider acquiring an article seized during the course of a search and seizure operation conducted by the Income....
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....the advice received from the Superintending Archaeologist, alongwith its approximate market value as given by the latter and/or a valuer. The article should not be released to the assessee or otherwise disposed of till the receipt of the Director of Inspection's Instructions. 4. It may be carefully noted that in view of the provisions of the Antiquities and Art Treasures Act, the Income-tax A....