Delhi HC Quashes NRI businessman’s LOC in Black Money Case

Jayant Nanda Vs Union of India (Delhi High Court) In a recent ruling, the Delhi High Court has quashed a Look Out Circular (LOC) issued against Jayant Nanda, a Non-Resident Indian (NRI) businessman residing in Dubai, United Arab Emirates. The case, titled Jayant Nanda Vs Union of India, saw Nanda challenging the LOC dated 22nd January 2020, which was initiated at the request of the Deputy Director, Income Tax (Investigation). Nanda, an Indian citizen holding an Indian Passport, was implicated in a probe initiated by the Income Tax Department under Section 132 of the Income Tax Act, 1961. The i...