2015 (12) TMI 1476

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.... the petitioners' bank accounts and immovable property in the form of residential flat and office premises as per the details given in the petitions. 3. The facts stated briefly are that both the petitioners are carrying on business of dealing in cotton in the State of Gujarat as proprietary concerns. The Value Added Tax Department suspected illegal and fraudulent actions of one Sunil Shah, Tax Consultant in connection with which search was carried out at the premises of the petitioners and books of accounts and relevant documents came to be seized. In addition thereto, the respondents attached several bank accounts of the petitioners to the extent of Rs. 50 lakhs each by orders dated 13th October, 2015. The respondents also attached....

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....d reliance upon the contents of the affidavits-in-reply filed in each of the petitions to submit that the petitioners are involved in fraudulent transactions to the tune of Rs. 3,50,00,000/- which have been received by way of refund by M/s. Standard Textiles of which Chirag Patwa is an authorised signatory. It was submitted that, therefore, the amount which is likely to be recovered from the petitioners is not merely Rs. 50 lakhs each but would run into Rs. 3,50,00,000/- or more. It was accordingly urged that no case has been made out for releasing the attachment of the bank accounts. 6. Having regard to the submissions advanced by the learned advocates for the respective parties and considering the material which have come on record, a ....