2021 (8) TMI 402

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.... company is engaged in the supply of White Duplex Board. The allegation against the company is that it was making outward supplies without paying the taxes that are due to the Government. It is the case of the prosecution that investigation revealed that supplies were made by the company, which were taxable to the xtent of 7.75 Crores for the period from December, 2018 to October, 2019 and the bank statement of the company also showed that the company received payment from its customers to the tune of Rs. 93,01,57,694/-, inclusive of taxes, but failed to remit the tax to the Government. Inspite of issue of summons, the petitioner did not respond, which resulted in the complaint being registered for an offence as stated above. 3. Learned ....

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....e of issuance of summons thrice, the petitioner failed to appear for the enquiry and produce the records. It is further submitted that though a sum of about Rs. 93 Crores has been received which includes tax component, which is due to the Government, yet the petitioner failed to remit the tax. It is further submitted on behalf of the respondent that the enlarging the petitioner on bail may result in him evading the discharge of his tax liability. It is submitted on behalf of the respondent that this Court may direct the petitioner to give suitable security, if this Court intends to enlarge the petitioner on bail, as in the event of the petitioner failing in his claim, the respondent should not be put to loss by not able to recover the tax, ....

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....urt granting bail to the petitioner. 10. An undertaking affidavit has been filed by the petitioner dated 22.07.2021 in which the petitioner has submitted that the security given to the bank for the loans and LC availed to the tune of about Rs. 75 Crores, security of property and machineries of the petitioner to the tune of about Rs. 200 crores has been given and the petitioner has undertaken that the properties are put up for sale by the bank and after adjusting the amount that is due and payable to the bank on account of the loans and LCs availed by the petitioner, the surplus proceeds may be utilised for payment of the amount of GST calculated after taking into account the input tax credits or other refund calculation eligibility and b....