https://www.taxtmi.com/caselaws?id=417088 The Court intervened in the issuance of a Look Out Circular (LOC), emphasizing the need for judicial review to ensure reasonableness. It upheld the respondents' reliance on a Clause introduced in 2017, allowing LOC issuance for economic interests. The Court found the impugned LOC valid beyond one year due to extensions. Despite suspicions of financial irregularities, the lack of initiated proceedings led to quashing the LOC. The Court directed the petitioner to inform authorities of travel plans for the next year, without affecting potential future proceedings. en-us Wed, 12 Jan 2022 00:00:00 +0530 Fri, 29 Apr 2022 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417088 The Court intervened in the issuance of a Look Out Circular (LOC), emphasizing the need for judicial review to ensure reasonableness. It upheld the respondents' reliance on a Clause introduced in 2017, allowing LOC issuance for economic interests. The Court found the impugned LOC valid beyond one year due to extensions. Despite suspicions of financial irregularities, the lack of initiated proceedings led to quashing the LOC. The Court directed the petitioner to inform authorities of travel plans for the next year, without affecting potential future proceedings. Case-Laws Income Tax Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417088