The Delhi High Court has recalled the Look Out Circular against a Chartered Accountant (CA), however, the court imposed certain conditions and the petitioner was directed to co-operate in the investigation and join the investigation as and when called by the investigating authority.
The petitioner was a qualified Chartered Accountant (CA) and he migrated to Dubai for the purpose of work and joined the company named Jaleel Group in 2008 and has been there since then.
The petitioner came to Hyderabad for some meeting and he was stopped at the International Airport for some business meeting and while the petitioner was returning, he was approached by some of the officers of the department of Income Tax and they served the petitioner with the copy of summons and as a consequence, the petitioner has to cancel his tickets. The investigation pertained to the Punj Lloyd Group. Further, the Look Out Circular (LOC) was issued against the petitioner. However, the petitioner requested the court to revoke Look Out Circular.
A Single Bench of Justice Rajnish Bhatnagar has revoked the Look Out Circular on the grounds that the petitioner had the time and again co-operated in the investigation.
The court also imposed certain conditions that, Whenever, the 7-day prior notice for the investigation is served to him, he shall join the investigation. If any case, if the petitioner travels out of Dubai to nay other nation he will have to furnish with all the details.
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