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2020 (2) TMI 793 - HC - Income TaxSeeking withdrawal of the Look Out Circular (LOC) - Income tax inquiry proceedings against the Chartered Accountant (CA) in the matter of Punj Lloyd Group - the allegation is that, it is the petitioner who had arranged the entities that raised bogus bills for M/s Punj Lloyd Limited in the middle east - HELD THAT:- The petitioner is not an employee of M/s Punj Lloyd Limited as stated by the petitioner and not denied by the respondents. It is also not the case that the petitioner is not joining the investigation or that he has not co-operated during the investigation, rather according to the respondents he has even made some admissions during the course of the investigation and recording of his statements. The issuance of the LOC is a serious matter as it contains full particular of the individual which are sent throughout the world. Therefore, keeping in view the above said facts and circumstances, there is no justification in keeping the present LOC alive. The same is, therefore, directed to be recalled by the issuing authority. The following conditions are imposed on the petitioner : (a) That he shall join the investigation as and when called by the investigating officer. However, the investigating officer shall give him atleast 7 days prior notice. (b) That he shall co-operate in the investigation. (c) That in case the petitioner is proposes to travel beyond Dubai, he shall furnish details of the country (ies) with his complete itinerary to the investigating officer. In case of violation of the above conditions imposed on the petitioner, the respondents will have the liberty to approach this Court.
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