9911796707
TMI Blog2022 (8) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... is virtually over. It is an admitted fact that, still adjudication proceedings is not commenced and no notice as provided under the Act is issued. Even after adjudication of liability, the applicants can challenge it before the appellate authority subject to deposit of 10 % and the maximum amount of deposit is upto Rs.2 crore. Considering the alleged fraudulent ITC, the applicants herein willing to deposit Rs.1 crore individually before the authority concerned within stipulated time. Entire documentary evidence and computer gadgets have been seized and they are in custody of the department - Department failed to point out that, further custody of the applicants is necessary. Irrespective of nature and gravity of charge, whether bail i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h have been arrested on 27.12.2021, whereas, applicant Amit Devani arrested on 31.12.2021 and applicant Avesh Afroz arrested on 04.01.2022. The regular bail applications filed before the concerned Judicial Magistrate Court and Sessions Court concerned came to be rejected. 3. Aggrieved by the order of the Courts below, present applications have been preferred before this Court. 4. Heard learned Senior Counsel N.D.Nanavaty assisted by Mr. Rahul Dholakia and Mr. Chetan Pandya, learned counsel for and on behalf of the applicants and Mr.Manan Mehta, learned APP for the State respondent. 5. Mr. N.D.Nanavaty, learned Senior Counsel and Mr. Chetan Pandya, learned counsel for the applicants urged the following contentions:- (i) Authoriz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, it was submitted that, the applicants are individually willing to deposit Rs.1 crore without prejudice to their rights and contentions, within one month from their release; (ix) Ld. Counsel Mr. Chetan Pandya, for and on behalf of the applicant Avesh Afroz Lokhandwala submitted that, the applicant is neither an importer nor an exporter under the Scheme of EPCG and had acted as an agent between the importer manufacturer defined under the scheme and therefore, considering the role attributed to the applicants herein, there is no prima facie evidence involving the applicant herein in the alleged offence. 6. In view of the aforesaid contentions, learned counsels for the applicants submitted that, discretion may kindly be exercised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel for the respective parties and perused the material placed on record. 10. In order to appreciate the rival submissions, following facts of the case are required to be recorded:- The applicant Arfanabanu Shaikh is a Director of Expifit Impex Pvt. Ltd and Seam Globus Pvt. Ltd, whereas, the applicant Janak Panchal is a Director of Profusion Traders Pvt. Ltd. Applicant Nos.1 to 3 have created 9 different non-existing companies either in the name of office boy or in the name of third party by obtaining their necessary proofs like Aadhar Card etc. The applicants are engaged in the business of export import ready made clothes. In order to avail fraudulent credit, goods were procured without invoices and supplied as export or to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment is upto 5 years. The applicants are in custody since December, 2021 and investigation part is concerned, it is virtually over. It is an admitted fact that, still adjudication proceedings is not commenced and no notice as provided under the Act is issued. Even after adjudication of liability, the applicants can challenge it before the appellate authority subject to deposit of 10 % and the maximum amount of deposit is upto Rs.2 crore. Considering the alleged fraudulent ITC, the applicants herein willing to deposit Rs.1 crore individually before the authority concerned within stipulated time. In such circumstances, this Court is of view that, when in near future, there is no chance to conclude the case proceedings, detaining the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be released on regular bail in connection with the File No.ACST/U-10/EXPIFT IMPEX/2021-22, on executing a personal bond of Rs.25,000/- (Rupees Twenty Five Thousands only) each with one surety of the like amount to the satisfaction of the learned Trial Court and subject to the conditions that they shall; Nos. Conditions (a) not take undue advantage of liberty or misuse liberty; (b) not act in a manner injuries to the interest of the prosecution; (c) surrender passport, if any, to the lower court within a week; (d) not leave In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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