The Patiala House Court has recently denied bail in Bogus billing or wrongful Input Tax Credit claim case.
The accused is involved in the fraudulent evasion of taxes to the tune more than Rs. 20 Crore and he is involved in wrongful availing of the input tax credit by way of issuing invoices of three different firms. Whereas, he is the sole key person looking after the affairs of all the said three firms and he got the invoices issued from the said three firms without actual supply of goods.
While dismissing bail application, the Chief Metropolitan Magistrate Manish Khurana observed that, In the case in hand, applicant/ accused is stated to be the proprietor of M/s. Swift enterprises, whereas, his father and brother are stated to be the Directors of M/s. Megabyte I.T Pvt. Ltd. and his employee Rakesh Kumar Gupta is stated to be the proprietor of firm namely M/s. I.T solution. The accused is stated to be managing entire affairs of all the three firms and IO has mentioned in his reply that by the way of circular movement of invoices by way of fictitious sales without actual supply of goods, input tax credit (ITC) to the tune of more than Rs.20 Crores has been wrongfully availed by the applicant/ accused causing loss to the government exchequer.
The CMM also said that, The evidence has been collected by the IO showing that various invoices were issued (inter-se) by the above said three firms and all the said three firms are allegely being managed by the applicant / accused. Considering the totality of the facts and circumstances, nature of allegations and the initial stage of investigation, I am not inclined to grant bail to the applicant/ accused Supreet Singh Bakshi.
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