TMI Blog2022 (2) TMI 1286X X X X Extracts X X X X X X X X Extracts X X X X ..... venience is also in favour of the Appellant and in case the impugned judgment is not stayed, irreparable loss shall be caused to the Appellant. We, accordingly, stay the operation, implementation and execution of the impugned judgment dated passed by the learned Single Judge till the next date of hearing. Respondent No.1 is hereby directed to deposit his passport with the Learned Registrar General of this Court, latest by 5.00 PM on 04.02.2022. The passport shall be kept by the Learned Registrar General in safe custody in a sealed cover. Since it is the stand of the Learned Senior Counsels appearing on behalf of Respondent No.1 that on account of business constraints, he is required to frequently travel abroad, we grant liberty to Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal are factually and legally incorrect and need to be controverted. Let the Respondents file their respective replies to the appeal, before the next date of hearing. Present appeal has been preferred by original Respondent No.3/Income Tax Department assailing the judgment and order dated 12.01.2022, passed by the learned Single Judge in W.P.(C) No.5374/2021 (Annexure A-1 to the memo of this appeal). Learned counsel appearing on behalf of the Appellant contends that the Learned Single Judge has erroneously quashed the Look Out Circular (hereinafter referred to as the LOC ) issued against Respondent No.1 herein inter alia on the ground that the LOC has not been issued in terms of the Office Memorandum dated 05.12.2017 and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e company for Rs.30 Crores from one Mr. Amit Agarwal, in the name of his daughter with respect to a property situated in Dubai and is, therefore, contrary to the plea of Respondent No.1 before the Learned Single Judge that only a sum of 7,50,000 AED/INR 1,53,90,000 was paid as advance for purchase of shares, which, however, is claimed by Respondent No.1 to have been received back as the transaction did not materialise. Mr. Zoheb next contends that assessment for two Assessment Years being 2018-19 and 2019-20 for the individual is complete while the same is pending with respect to the companies. Ongoing investigation has revealed that there are proposed additions upwards of Rs.14,83,93,68,372/- and penalties upwards of Rs.2,66,13,000/-. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Single Judge has rightly quashed the LOC. It is also submitted that Respondent No.1 is a businessman and is required to travel frequently for the conduct of his business and there is no question of his fleeing from the country or evading the process of law. It is also submitted that a detailed reply shall be filed by Respondent No.1, which will bring forth the falsity of the stand of the Appellant, including the fact that the figures cited by them are highly exaggerated. Having heard the learned counsel for the Appellant and the learned Senior Counsels for Respondent No.1, in our view, Appellant has made out a prima facie case for grant of interim relief. The balance of convenience is also in favour of the Appellant and in case the im ..... X X X X Extracts X X X X X X X X Extracts X X X X
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