TMI Blog2022 (5) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... been allegedly evaded by way of claiming the Income Tax Credit. Considering the gravity and the nature of the allegations levelled against the applicant/accused and the fact that the investigation of the case is at nascent stage and further considering the fact that now a days economic offences are rampant and should be dealt with due firmness as observed by Hon ble Apex Court in Y.S. JAGAN MOHAN REDDY VERSUS CENTRAL BUREAU OF INVESTIGATION [ 2013 (5) TMI 896 - SUPREME COURT] wherein the Hon ble Apex Court has observed that economic offences constitute a class apart and need to be visited with different approach in the matter of bail. The economic offences having deep rooted conspiracies and involving huge loss of public funds need ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent case an amount of Rs. 1,25,80,980/- has been paid by one Midarika Pvt. Ltd. and after deducting the said amount from the claimed amount, the case of the applicant/accused comes under the said limit of Rs. 5 crore and becomes bailable offence. It is further argued by the learned defence counsel that the wife and the son of the applicant/accused are also suffering from various medical ailments and with these submissions it is prayed that applicant/accused may be granted concession of bail. 3. Per contra, learned senior Public Prosecutor Sh. Pramod Bahuguna vehemently opposed the bail application submitting that allegations against the applicant/accused are that he, being proprietor of M/s Saibro Industries (GSTIN: 06BCJPS1288Q2ZP), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant/accused in connivance with the other firms. It is further alleged that there are nearly 56 firms, among whom fake invoices have been exchanged in regard to the amount of Rs. 5.65 crore despite the fact that goods had never been supplied through those invoices. On the basis of said fake invoices tax to the tune of Rs. 5.65 crore has been allegedly evaded by way of claiming the Income Tax Credit. 5. Therefore, considering the gravity and the nature of the allegations levelled against the applicant/accused and the fact that the investigation of the case is at nascent stage and further considering the fact that now a days economic offences are rampant and should be dealt with due firmness as observed by Hon ble Apex Court in case titl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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