An application under section 482 of the Code of Criminal Procedure, 1973 was filed by the petitioner for stay of the look-out circular issued against him by the authorities and sought permission to travel abroad in connection with his business affairs. He submitted that on account of the look-out notice he had been unable to travel abroad for work for more than a year and that the raid conducted under section 132 of the  Act by the Department had caused huge negative impact and financial crisis on his business. A report in sealed cover was submitted by the Union of India. Dismissing the application, that the report prima facie revealed that the assessee was the promoter of a group and director in the companies of the group which had indulged in large scale tax evasion. The group had also obtained large scale credit facilities in different names from banks based upon fictitious transactions. The assessee had not been co-operating with the investigating agency and had been evasive during interrogation. The assessee being the main person controlling the affairs of the group within and outside India, there being large scale tax evasion, the investigation being still in progress and there being a strong apprehension that the assessee might not return and, thus would not be available for investigation, permission to travel abroad could not be granted to the assessee.