Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
The HC granted regular bail to the applicant accused of availing ineligible Input Tax Credit of Rs. 31.18 crores based on fake invoices from non-operational firms. The Court noted that the prosecution's case relied on documentary evidence already filed in tax returns, and the applicant's business account had been released after initial attachment. Considering that the alleged offenses carry maximum punishment of five years, are triable by Magistrate, and the applicant had already spent six months in judicial custody, the Court concluded that further detention would serve no useful purpose. The prosecution witnesses were official witnesses with minimal risk of tampering. Bail was granted subject to conditions.
The HC granted regular bail to the applicant accused of availing ineligible Input Tax Credit of Rs. 31.18 crores based on fake invoices from non-operational firms. The Court noted that the prosecution's case relied on documentary evidence already filed in tax returns, and the applicant's business account had been released after initial attachment. Considering that the alleged offenses carry maximum punishment of five years, are triable by Magistrate, and the applicant had already spent six months in judicial custody, the Court concluded that further detention would serve no useful purpose. The prosecution witnesses were official witnesses with minimal risk of tampering. Bail was granted subject to conditions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
