https://www.taxtmi.com/highlights?id=61446 Undisclosed income - issuance of Look Out Circular (LOC) - pre-condition for issuance of a LOC, fulfilled or not - Mere suspicion of a person opening bank accounts in other countries and of investing in a foreign company cannot, in my view, be accepted as the basis for holding that the petitioner being allowed to travel abroad would be ‘detrimental to the economic interests of India’, when it is undisputed that this suspicion has remained a suspicion for such a long period of almost three years. - HC en-us Fri, 14 Jan 2022 19:45:03 +0530 Fri, 14 Jan 2022 19:45:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61446 Undisclosed income - issuance of Look Out Circular (LOC) - pre-condition for issuance of a LOC, fulfilled or not - Mere suspicion of a person opening bank accounts in other countries and of investing in a foreign company cannot, in my view, be accepted as the basis for holding that the petitioner being allowed to travel abroad would be ‘detrimental to the economic interests of India’, when it is undisputed that this suspicion has remained a suspicion for such a long period of almost three years. - HC Highlights Income Tax Fri, 14 Jan 2022 19:45:03 +0530 https://www.taxtmi.com/highlights?id=61446