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TMI Blog2021 (7) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... e transfer of goods and services inter se without those taking place in reality and showing fake transactions to be genuine with other financial adjustment as those were ascertained upon investigation leading to the arrest of the Petitioner on 16.12.2020. Materials are yet to surface as to the developments with regard to the notices/summons issued to those entitles for deposit of the ITC as according to the Prosecution, illegally availed for pecuniary gain by playing fraud on the system and mechanism in place. The Petitioner is said to have been involved in commission of the above Economic offences which are considered to be grave. Such dubious activities in committing offences for making huge unlawful gain by causing huge loss to the State ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tating the availment of the benefit of Input Tax Credit (ITC) without actually supply/ receipt of goods and services which were credited in the name of those Firms in the Bank Accounts and that he in fact was actually handling all those accounts having taken signed blank cheques from said Account-Holders. He further submitted that it is not the case in the complaint that in reality, such proprietors of those Firms were not there and the materials against the Petitioner are the statements of those persons who in order to get rid of the rigors of law have implicated this Petitioner. He submitted that materials on record do not indicate as to indulgement of the Petitioner in the business affairs of all those Firms. According to him, the entir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Ch. S. Mishra, Senior Standing Counsel for the CGST opposed the move. Referring to the written objection, he submitted that here the Petitioner is involved in commission of Economic Offences and the materials collected so far reveal that the Petitioner is the kingpin and has defrauded the State Exchequer to the tune of huge amount around ₹ 40.66 crore by availing the ITC simply by managing to have transactions reflected on papers without supply of goods or services in reality and for the purpose, he has created enormous fake documents such as invoices, bills etc., besides creating fake Firms and opening Bank accounts in the name of those entities which have no real existence in the Commercial World. He further submitted that it h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trongly sensed something fishy and dubious going on in the matter touching the unwanted entitlement and availment of ITC. It is said that ten (10) Firms have been created by hatching conspiracy in carrying out such magnitude of business activities like transfer of goods and services inter se without those taking place in reality and showing fake transactions to be genuine with other financial adjustment as those were ascertained upon investigation leading to the arrest of the Petitioner on 16.12.2020. Materials are yet to surface as to the developments with regard to the notices/summons issued to those entitles for deposit of the ITC as according to the Prosecution, illegally availed for pecuniary gain by playing fraud on the system and mec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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