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Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The court granted regular bail to the petitioner in a case involving allegations of fraudulent claim of Input Tax Credit (ITC) and furnishing fake GST certificate for opening a bank account. The first allegation pertained to claiming ITC of Rs. 3,65,23,076/- without the corresponding tax being deposited by the supplying firms. The court held that prosecution u/s 132 of the CGST Act for fraudulently obtaining refund requires prior sanction from the Commissioner. Regarding the second allegation of using a fake GST certificate to open a bank account with transactions of Rs. 196 crores, the court observed a lack of evidence on whether the petitioner cheated anyone. As the case is triable by a Magistrate and based on documentary evidence, keeping the petitioner in custody would serve no purpose. The petitioner was granted regular bail upon furnishing bail bonds/surety bonds of Rs. 10,00,000/- with conditions imposed by the trial court.
The court granted regular bail to the petitioner in a case involving allegations of fraudulent claim of Input Tax Credit (ITC) and furnishing fake GST certificate for opening a bank account. The first allegation pertained to claiming ITC of Rs. 3,65,23,076/- without the corresponding tax being deposited by the supplying firms. The court held that prosecution u/s 132 of the CGST Act for fraudulently obtaining refund requires prior sanction from the Commissioner. Regarding the second allegation of using a fake GST certificate to open a bank account with transactions of Rs. 196 crores, the court observed a lack of evidence on whether the petitioner cheated anyone. As the case is triable by a Magistrate and based on documentary evidence, keeping the petitioner in custody would serve no purpose. The petitioner was granted regular bail upon furnishing bail bonds/surety bonds of Rs. 10,00,000/- with conditions imposed by the trial court.
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