TaxTMI 
TaxTMI 
2020 (2) TMI 793
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....king the withdrawal of the Look Out Circular (LOC) issued against him and no other prayer has been pressed during the course of the arguments by the Ld. Sr. counsel for the petitioner. 2. Briefly stated, the petitioner according to him is a qualified chartered accountant and in 2008 migrated to Dubai to work as a Financial Controller for Jaleel Group of companies and has been living in Dubai ever since. On 28.02.2018, the petitioner was granted his latest residency visa by UAE. It is contended that the petitioner keeps on visiting India frequently to visit his family and for other purposes. On 03.12.2019, the petitioner arrived in India from Dubai and on 27.12.2019, he departed for Dubai without any impediments. However, on 06.01.2020, whe....
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....n 28.01.2020 the petitioner sent an email requesting the respondent agencies to revoke the LOC, so that he could travel to Dubai. 6. The respondents have filed a status report stating therein that a survey operation U/s 133 A of the Income Tax Act was conducted in the case of M/s Punj Lloyd Limited on 19.02.2019 and during the investigation it was found that M/s Punj Lloyd Limited had made payments against bogus bills raised by entities outside India which was directly / indirectly controlled by them. It is stated that this money later flowed back to the accounts of entities controlled by the promoters of M/s Punj Lloyd Limited. It is stated that it is the petitioner who had arranged the entities that raised bogus bills for M/s Punj Lloyd ....
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....Sr. counsel for the petitioner that as per the status report filed by the respondents, the statement of the petitioner has already been recorded and it is not their case that the petitioner has not joined the investigation as and when directed or he is evading the course of law. He further submitted that the petitioner is an Indian citizen having Indian Passport so there are no chances of his running away. It is further submitted by the Ld. Sr. counsel for the petitioner that the status of the petitioner is resident status which is renewed by UAE authorities and there exists extradition treaty between the two countries. 9. It is further submitted by the Ld. Sr. counsel for the petitioner that the petitioner is in India since 06.01.2020 and....
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....e petitioner ever absconded and did not participate in the criminal proceedings, rather according to the status report the petitioner has joined the investigation as and when called by the IO and his statements have already been recorded and as stated by the Ld. Sr. Standing counsel for the respondents, he has made certain admissions in his statements given to the department, so this shows that the petitioner has been co-operating with the investigating agency. 13. As far as the contention of the Ld Sr. Standing Counsel for the respondents that the statements of the petitioner are to be confronted with the promoters of M/s Punj Lloyd Limited, in my opinion, since the statements of the petitioner have already been recorded, the same can be ....