Amendment status not verified — confirm the current text below against the official source.
Definitions.—In this Chapter, unless the context otherwise requires,— (a) “Appellate Tribunal” means the Appellate Tribunal 1[referred to in] section 68N; (b) “associate” in relation to a person whose property is liable to be forfeited under this Chapter, means— (i) any individual who had been or is residing in the residential premises (including out-houses) of such person; (ii) any individual who had been or is managing the affairs or keeping the accounts of such person; (iii) any association of persons, body of individuals, partnership firm, or private company within the meaning of the Companies Act, 1956 (1 of 1956), of which such person had been or is a member, partner or director; (iv) any individual who had been or is a member, partner or director of an association of persons, body of individuals, partnership firm or private company referred to in sub-clause (iii) at any time when such person had been or is a member, partner or director of such association, body, partnership firm or private company; (v) any person, who had been or is managing the affairs, or keeping the accounts, of any association of persons, body of individuals, partnership firm or private company referred to in sub-clause (iii); (vi) the trustee of any trust, where,— (1) the trust has been created by such person; or (2) the value of the assets contributed by such person (including the value of the assets, if any, contributed by him earlier) to the trust amounts, on the date on which contribution is made, to not less than twenty per cent. of the value of the assets of the trust on that date; (vii) where the competent authority, for reasons to be recorded in writing, considers that any properties of such person are held on his behalf by any other person, such other person; (c) “competent authority” means an officer of the Central Government authorised by it under section 68D; (d) “concealment” means the concealment or disguise of the nature, source, disposition, movement or ownership of property and includes the movement or conversion of such property by electronic transmission or by any other means; (e) “freezing” means temporarily prohibiting the transfer, conversion, disposition or movement of property by an order issued under section 68F; (f) “identifying” includes establishment of proof that the property was derived from, or used in, the illicit traffic; (g) “illegally acquired property”, in relation to any person to whom this Chapter applies, means, — (i) any property acquired by such person, whether before or after the commencement of this Chapter, wholly or partly out of or by means of any income, earnings or assets derived or obtained from or attributable to 2[the contravention of any provisions 3[of this Act or the equivalent value of such property; or]]