Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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Grant of bail involving wrongful availment of input tax credit by generating fake invoices causing wrongful gain to companies and wrongful loss to the Government. Court analyzed whether evidence available against petitioner regarding committing offense under CGST Act. Held that absence of material indicating accused petitioner as manager of firms not essential for prosecution u/s 132 of CGST Act. Provisions state whoever commits or causes to commit and retains benefits from supplies without invoice or without supplying goods avails input tax credit is liable. Court below erred in assessing consequence and spirit of Section 132. Incriminating material against petitioner ignored. While considering bail, gravity of offenses and misconstruing facts and legal position not considered. Cancellation of bail allowed, order granting bail set aside.
Grant of bail involving wrongful availment of input tax credit by generating fake invoices causing wrongful gain to companies and wrongful loss to the Government. Court analyzed whether evidence available against petitioner regarding committing offense under CGST Act. Held that absence of material indicating accused petitioner as manager of firms not essential for prosecution u/s 132 of CGST Act. Provisions state whoever commits or causes to commit and retains benefits from supplies without invoice or without supplying goods avails input tax credit is liable. Court below erred in assessing consequence and spirit of Section 132. Incriminating material against petitioner ignored. While considering bail, gravity of offenses and misconstruing facts and legal position not considered. Cancellation of bail allowed, order granting bail set aside.
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