Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Petitioner sought regular bail in case involving alleged wrongful Input Tax Credit (ITC) availed using fictitious invoices from non-existent/suspicious firms. As per Section 132(1)(b) and (c) of HGST/CGST Act, issuing invoice without supply or availing ITC using such invoice, where tax evaded or ITC wrongly availed exceeds Rs. 500 lakhs, is punishable with up to 5 years imprisonment and fine. Show cause notice u/s 74(1) issued to petitioner is yet to be adjudicated upon to determine exact tax liability. Determination of tax liability is subject to challenge before tribunals/courts and does not fall within criminal court's realm. Another firm also issued notice jointly with petitioner, whose liability may reduce petitioner's liability. Considering maximum 5 years punishment u/s 132 and pending adjudication of tax liability, petitioner directed to be released on regular bail on executing personal bonds with two solvent sureties of Rs. 50 lakhs each, surrendering passport and not leaving country without court's permission during trial.
Petitioner sought regular bail in case involving alleged wrongful Input Tax Credit (ITC) availed using fictitious invoices from non-existent/suspicious firms. As per Section 132(1)(b) and (c) of HGST/CGST Act, issuing invoice without supply or availing ITC using such invoice, where tax evaded or ITC wrongly availed exceeds Rs. 500 lakhs, is punishable with up to 5 years imprisonment and fine. Show cause notice u/s 74(1) issued to petitioner is yet to be adjudicated upon to determine exact tax liability. Determination of tax liability is subject to challenge before tribunals/courts and does not fall within criminal court's realm. Another firm also issued notice jointly with petitioner, whose liability may reduce petitioner's liability. Considering maximum 5 years punishment u/s 132 and pending adjudication of tax liability, petitioner directed to be released on regular bail on executing personal bonds with two solvent sureties of Rs. 50 lakhs each, surrendering passport and not leaving country without court's permission during trial.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
