TMI Blog2022 (8) TMI 1171X X X X Extracts X X X X X X X X Extracts X X X X ..... ountry as a whole and thereby posing serious threat to financial health of country. As such, it is required that we should take serious note of such economic offences. The Hon ble Punjab and Haryana High Court in RAKESH ARORA VERSUS STATE OF PUNJAB [ 2021 (2) TMI 41 - PUNJAB AND HARYANA HIGH COURT] , while dealing with the regular bail of co-accused, has observed that GST was introduced with the object of One Nation, One Tax , as there is chain of sellers and purchasers, who are inter-connected, as the purchasers get the credit of the tax paid or suffered by the sellers - In the said case also, the bills were procured from the firm based at Delhi, where no purchase was made and transactions were issued by the firms, not only for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the present crime besides other incriminating facts. 3. It has been further submitted that on the basis of authorization issued by Delhi South Commissionerate, principal place of business of M/s Urneed Online Retail Delhi and M/s RGVS Gezsellig Private Limited (Delhi) were also visited on 21.05.2022 and both were found non-existent. Requisite formalities under rules were initiated/conducted. It was also revealed that accused-applicant has availed fraudulent ITC and has caused loss to the Government Exchequer to the tune of ₹ 5,64,79,334/-. As such, the accused-applicant has committed offence under Sections 16(2) (b) read with Section 132 (1) of the CGST Act, 2017. 4. In reply, it has been submitted that, during the course of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in the custody of respondent authority, thus, there is no chance to tamper with the prosecution evidence. Hence, it has been prayed that the accused-applicant be granted bail. 7. On the other hand, learned Public Prosecutor assisted by Shri Aditya Singha, Advocate, on behalf of respondent, has opposed the bail application. It has been argued that during the course of intelligence, various fake firms, who have availed and passed on fake input tax credit on the strength of goods-less invoices, were found non-functional/non-existent at their registered principal place of business and thus, the above named accused-applicant has committed the offence under Section 132(1)(c)(e) read with Section 16(2) (b) of CGST Act, 2017. The learned couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a case of deep rooted conspiracies involving evasion of tax of ₹ 5,64,79,334/-. The present case is a serious economic offence under Section 132(1)(c)(e) read with Section 16(2) (b) of CGST Act, 2017. and it is required to be dealt with zero tolerance. Economic offences constituted a class apart and needed to be visited with a different approach in matter of bail. Economic offence having deep rooted conspiracies and involving huge loss of public funds needed to be viewed seriously and considered as grave offences affecting economy of Country as a whole and thereby posing serious threat to financial health of country. As such, it is required that we should take serious note of such economic offences. 10. The Hon ble Punjab and H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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