9911796707
TMI Blog2021 (10) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - 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 from fake and non-existent firms and was taking adjustment of ITC in violation of law. In this way, it is said that the Petitioner was going on defrauding the State exchequer which so far stand at 19.04 crores (both passing and availment of ITC). The Petitioner is said to have been involved in the above specific economic offences of quite significant magnitude which are considered to be grave. Such dubious roles alleged to ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 supply of the goods purchased out of accounts from clandestine sources without obtaining invoices and without payment of tax besides creation and operation of dummy firms in the name and style of M/s. Kuladia Traders and others in collusion with one Sri Sandip Mohanty and others and thus has been the availment and passing of bogus ITC in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 firm(s) having no existence in the Commercial World. It was submitted that the investigation is still under way and the materials collected so far reveal the active involvement of the Petitioner in the matter. According to him, as of now, it has been ascertained that the Petitioner in operating fictitious firm(s) had availed and passed on bogus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 from fake and non-existent firms and was taking adjustment of ITC in violation of law. In this way, it is said that the Petitioner was going on defrauding the State exchequer which so far stand at ₹ 19.04 crores (both passing and availment of ITC). 6. The Petitioner is said to have been involved in the above specific econo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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