Confederation of asia-pacific chambers of commerce and industry - Latest News Update, Information, Photos & Videos on Confederation of asia-pacific chambers of commerce and industry at Lokmat Times

A Special Income Tax Court on Wednesday suspended a look out circular (LOC) issued by the Income Tax Department against Indian Business Tycoon Samir Modi and patriarch of the USD 1.2 billion Modi Group who has been alleged to be avoiding huge tax liability and further has been alleged to be involved in offences under Black Money Act for holding undisclosed foreign assets.Special Judge after considering the fact that there is no FIR against Samir Modi, further there is no likelihood of Samir Modi from fleeing from justice and further the fact that he has time and again joined the investigation, the lookout circular issued was set aside.Last month, Samir Modi while travelling to Dubai for an official CACCI (The Confederation of Asia-Pacific Chambers of Commerce and Industry) meeting was apprehended at Delhi airport based on a Look Out Circular (LOC) issued by Income Tax Department.On being informed at the airport about the said look out circular, Modi through his advocates, Vijay Aggarwal, Rhythm Aggarwal and Hardik Sharma challenged the said look out circular issued by the Income Tax Department before Special Income Tax Court, Tis Hazari District Courts.Advocate Vijay Aggarwal appearing for Modi argued before the Special Court that the issuance of the lookout circular against his client is arbitrary and in complete violation of the principle of Audi Alteram Partem, i.e. the right of the party to get a fair hearing. He further argued that his client is an esteemed citizen of this nation, and is further the current president of CACCI and executive member of FICCI. Thus, by the issuance of the present LOC, reputation has been tarnished by the unjust and arbitrary act of the agency.He further submitted that issuance of LOCs is like non-bailable warrants which directly affects the constitutional rights to move freely and travelling abroad as enshrined under Article 21 of the Constitution of India.The Special Public Prosecutor appearing for the Income Tax Department argued that there is a huge tax liability pending against Modi and has evaded summons issued by the department.The prosecutor appearing for the agency further argued that Modi and his family are holding shares in foreign companies and further is applying for citizenship in Malta and thus there is a grave apprehension that Modi will flee from justice. Moreover, it was argued by the agency that Modi is also liable to be prosecuted under Black Money Act as he has not disclosed his foreign assets.During the course of arguments, Advocate Vijay Aggarwal pointed out that the arbitrariness of issuance of LOC by the department can be seen from the fact that they are not in a position to disclose the reasons for opening of LOC against his client.Samir Modi was recently named as one of the individuals on the list of various other famous people in the infamous Panama Paper Leak.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Confederation Of Asia-Pacific Chambers Of Commerce And IndustryFOLLOW

Confederation of asia-pacific chambers of commerce and industry, Latest News

National :Special Court quashes LOC issued by IT dept against Businessman Samir Modi in alleged Tax Evasion, for offences under Black Money Act

A Special Income Tax Court on Wednesday suspended a look out circular (LOC) issued by the Income Tax Department against Indian Business Tycoon Samir Modi and patriarch of the USD 1.2 billion Modi Group who has been alleged to be avoiding huge tax lia ...