Absence of Fresh LOC: Delhi HC Orders Release of Rs. 25 Lakh FDR to Petitioner

Ashutosh Sharma Vs ITO (Delhi High Court) In the case of Ashutosh Sharma vs ITO, the Delhi High Court addressed a petition under Article 227 of the Constitution, challenging the trial court’s refusal to release a Fixed Deposit Receipt (FDR) of Rs. 25 lakh. The FDR was originally deposited as a condition for rescinding a Look Out Circular (LOC) issued by the Income Tax Department against the petitioner. The LOC had been rescinded in 2019, allowing the petitioner to travel abroad with specific conditions, including the deposit of the FDR. Despite the LOC being rescinded and no fresh LOC is...