{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"147","heading":"Amendment of section 8","text":"Amendment of section 8 147. In section 8 of the Money-laundering Act,— (i) | in sub-section (3), in clause (b), for the words \"Adjudicating Authority\", the words \"Special Court\" shall be substituted; (ii) | after sub-section (7), the following sub-section shall be inserted, namely:— \"(8) | Where a property stands confiscated to the Central Government under sub-section (5), the Special Court, in such manner as may be prescribed, may also direct the Central Government to restore such confiscated property or part thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering: Provided that the Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering.''.","html":"<p><b> Amendment of section 8 </b></p><p><b> 147.</b> In section 8 of the Money-laundering Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (<i>3</i>), in clause (<i>b</i>), for the words \"Adjudicating Authority\", the words \"Special Court\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>after sub-section (<i>7</i>), the following sub-section shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>8</i>)</td><td></td><td>Where a property stands confiscated to the Central Government under sub-section (<i>5</i>), the Special Court, in such manner as may be prescribed, may also direct the Central Government to restore such confiscated property or part thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering:</td></tr><tr><td></td><td></td><td><b>Provided</b> that the Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good faith and has suffered the loss despite having taken all reasonable precautions and is not involved in the offence of money laundering.''.</td></tr></table></div>","words":151,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/147/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}