TaxTMI 
TaxTMI 
2021 (5) TMI 980
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....ax Act, 2017 [hereinafter referred to as 'CGST Act, 2017'], pursuant to a search and investigation ordered against the petitioner company some time during October, 2020. 2. It is noticed that during the pendency of the investigation, the respondents have already appropriated a sum of Rs. 5.68 Crores, which were lying in the accounts of the petitioner company. The Directors of the petitioner company were also arrested and they were released on bail subsequent to bail order dated 19.02.2021 in Crl.O.P.Nos.2175 and 2176 of 2021. This order is a conditional order, which reads as under:- "7. Considering the facts and circumstances, considering the period of incarceration suffered by the petitioners, and also considering the submission....
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....the petitioners are ordered to be released on bail on condition to execute a bond for a sum of Rs. 10,000/- (Rupees Ten Thousand only) with two sureties each for a like sum to the satisfaction of the learned Additional Chief Metropolitan Magistrate, E.O.i, Egmore, Chennai and on further conditions that: (b) the sureties shall affix their photographs and Left Thumb Impression in the surety bond and the learned Magistrate may obtain a copy of their Aadhar Card or Bank Pass Book to ensure their identity; (c) the petitioners, on their release from prison, shall report before the respondent police daily at 10.30 a.m. for the period of two weeks and thereafter as and when required for interrogation; (d) the petitioner shall not commit any o....
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....r Counsel submits that apart from Rs. 5.68 Corres which have been appropriated so far against the projected demand of Rs. 21 Crores, the petitioner has agreed to pay another sum of Rs. 1 Crore, within a period of one weeks' time. The aforesaid undertaking stands recorded. 5. The learned Senior counsel for the petitioner submits that Section 67 cannot be against the future receivables so as to strangulate the entire business module of the petitioner. It was further submitted that as against the bail order dated 19.02.2021 in Crl.O.P.Nos.2175 and 2176 of 2021, the Directors of the petitioner company have moved to the Hon'ble Supreme Court insofar as the condition, which mandates recovery/payment of entire balance amount in four insta....
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.... including the amount due under the Provident Funds Act and therefore the continuance of the impugned attachment orders will be of no prejudice to the petitioner. 8. Heard the learned Senior Counsel for the petitioner Company and the learned Senior Panel Counsel for the respondents Department. 9. No doubt, wide powers have been vested with the Officers under Section 67 of the CGST Act, 2017. The said proceedings also entails a provisional attachment of assets during the pendency of the proceedings under Sections 62, 63, 64, 67, 73 and 74 of the said Act. However, such protection cannot be made against future receivables. 10. Admittedly, an amount of Rs. 5.68 Crores, which was lying in the account has been appropriated till date. The peti....