SAFEMFOPA-Auction of properties forfeited u/s7. - Income Tax - 1878/1991

INSTRUCTION NO. 1878/1991 Dated: January 17, 1991 Section 7 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 provides that the Competent Authority may pass an order for the forfeiture of property belonging to the affected person in certain cases. At present there is no machinery or infrastructure for the auction of properties forfeited under that Act. 2. The Board has decided that this work of auction will be assigned to those Chief Commissioners of Income tax who are assigned the work of custody and sale of properties purchased under the provisions regarding pre-emptive purchases in Chapter XXC of the Income tax Act. This said Chief Commissioners of Income tax will inform the Board within a month of such sale of properties forfeited under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. 3. This may be brought to the notice of all the officers in your region.