Court Grants Bail in Fake ITC Case: No Evidence of Real Transactions, Prosecution Fails to Prove Prejudice.

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....Seeking grant of Bail - availment of irregular input tax credit - there was neither any purchase nor sale of goods and that the transactions were made only on paper with a view to illegally avail ITC - the petitioner has been successful in making out a good case for his release on bail. On the other hand, the prosecution has failed to satisfy the court as to how it would be prejudiced by grant of bail to the petitioner - HC....