9911796707
TMI Blog2021 (10) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... ch punishable under Section- 132(1)(i) of the Act, has filed this application under Section-439 of the Code of Criminal Procedure for his release on bail. 3. Mr. M.K. Mishra, Learned Senior Counsel for the Petitioner submitted that the complaint contains the allegations that the Petitioner being the proprietor of M/s. S.R. Enterprises in collusion with others managing in showing the receipt of purchase invoices in the name of fake firms without physical receipt of goods and issuing sale invoices without onward physical movement of the goods has wrongfully availed and passed on bogus Input Tax Credit (ITC) on the strength of those fake invoices in defrauding the State exchequer. He submitted that the allegations also include that there was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as according to him, further detention of the Petitioner in custody in this case would serve no useful purpose and as such is not warranted. 4. Mr. Sunil Mishra, learned Addl. Standing Counsel for the SGST vehemently opposed the move. He submitted that the Petitioner is involved in commission of economic offences of huge magnitude and the materials collected so far reveal that the Petitioner had all the role in defrauding the State Exchequer to the tune of huge sum by availing the ITC simply by managing to have the transactions reflected in the papers without physical movement of the goods and in the process has created numerous fake documents such as invoices, bills etc., besides having the hand in creating and operating the fake ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 9.35 crores without physical receipt of goods on the strength of fake invoices obtained in the name of fake and non-existent firms and passed on bogus ITC worth Rs. 9.65 cores without the supply of goods in the reality and those are in favour of recipient firms inside and outside the State of Odisha. All those firm members have given their statements in the directions. It is stated that the Petitioner was purchasing goods out of account from different sources without obtaining tax invoices and without payment of tax as ascertained from the Bank Accounts of those firms. In order to regularize the transactions, it is said that at the time of effecting sales, he was arranging purchase invoices against the goods purchased out of account f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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