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2019 (12) TMI 417

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..... tion 132(4) read with Section 132(5) of the Act - HELD THAT:- Looking at the gravity of the offence specially the fact that there are serious allegations against the petitioner of wrong availment of input tax credit of more than ₹ 40.53 Crores involved on supply of goods, the matter is still at the stage of investigation and having regard to the seriousness of the offence and without express .....

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..... j.) for the offences under Sections 132 (1)(b)(c) (d) of the Central Goods Services Tax Act, 2017 (hereinafter referred to as Act of 2017 ). Heard learned counsel for the parties. Learned counsel for the petitioner submitted that the accused petitioner has been falsely implicated in this case as no offence under Section 132(1)(b)(c) (d) of the Act, 2017, is made out. It is f .....

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..... for the alleged offence is from July, 2017 to March, 2018 when the petitioner was not Managing Director of the Company. The petitioner was never involved in the day-to-day affairs of the Company and the same was managed by his father, Shri Brij Raj Punj. The petitioner was never aware of the commission of offence. There is no cogent evidence to connect the accused petitioner with the alleged offen .....

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..... d inadmissible input tax credit of more than ₹ 40.53 Crores involved on supply of goods valued at ₹ 225.19 crores without receiving the goods. It was further submitted that if the amount of input tax credit wrongly availed or utilized exceeded ₹ 5 crores, such offences are punishable with imprisonment for a term which may extend to five years and with fine and such offences are c .....

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..... re are serious allegations against the petitioner of wrong availment of input tax credit of more than ₹ 40.53 Crores involved on supply of goods, the matter is still at the stage of investigation and having regard to the seriousness of the offence and without expressing any opinion on the merits of the case, I am not inclined to grant benefit of bail to the accused-petitioner. Conse .....

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