https://www.taxtmi.com/caselaws?id=449797 Delhi HC quashed a Look Out Circular against an NRI petitioner issued for alleged evasion of Rs. 1400 crores in undisclosed foreign assets and income through offshore structures. The court held that LOCs cannot continue indefinitely without valid reasons. Since the petitioner had not been summoned for investigation since March 2022, had cooperated with authorities, and right to travel abroad is a fundamental right under Article 21, the LOC was quashed subject to conditions to ensure the petitioner's presence when required for future investigations. en-us Fri, 16 Feb 2024 00:00:00 +0530 Fri, 03 May 2024 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449797 Delhi HC quashed a Look Out Circular against an NRI petitioner issued for alleged evasion of Rs. 1400 crores in undisclosed foreign assets and income through offshore structures. The court held that LOCs cannot continue indefinitely without valid reasons. Since the petitioner had not been summoned for investigation since March 2022, had cooperated with authorities, and right to travel abroad is a fundamental right under Article 21, the LOC was quashed subject to conditions to ensure the petitioner's presence when required for future investigations. Case-Laws Indian Laws Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449797