https://www.taxtmi.com/caselaws?id=797019 Look Out Circulars issued to protect India's economic interests may be judicially reviewed for legality, relevance of material and manifest arbitrariness, but courts cannot substitute their assessment for the competent authority's subjective satisfaction or reassess the qualitative or quantitative sufficiency of supporting inputs. Greater restraint applies in fiscal and economic matters unless the material is nonexistent, wholly speculative or manifestly untenable. Allegations concerning trade-based money laundering, hawala-linked transactions, over-invoiced exports, fraudulent export incentives, bogus purchases, fake invoices and fraudulent input tax credit constituted relevant and substantial material. The Look Out Circular therefore remained sustainable, and the order invalidating it was set aside. en-us Wed, 12 Aug 2026 00:00:00 +0530 Fri, 14 Aug 2026 07:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797019 Look Out Circulars issued to protect India's economic interests may be judicially reviewed for legality, relevance of material and manifest arbitrariness, but courts cannot substitute their assessment for the competent authority's subjective satisfaction or reassess the qualitative or quantitative sufficiency of supporting inputs. Greater restraint applies in fiscal and economic matters unless the material is nonexistent, wholly speculative or manifestly untenable. Allegations concerning trade-based money laundering, hawala-linked transactions, over-invoiced exports, fraudulent export incentives, bogus purchases, fake invoices and fraudulent input tax credit constituted relevant and substantial material. The Look Out Circular therefore remained sustainable, and the order invalidating it was set aside. Case-Laws Income Tax Wed, 12 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797019