The Rajasthan High Court has granted bail to Accused on alleged Input Tax Credit ( ITC ) worth Rs. 7.12 Crore has been wrongly claimed by Padmavati Industries.
The petitioner was the Manager and Authorized signatory of Padmavati Industries.
The petitioner contended that an amount of Rs.3.33 Crore was deposited with the Department, thus bringing the total disputed tax credit amount to below Rs.5 Crore and if the tax credit amount is below five crores the offence is bailable.
While allowing the bail application, Justice Pankaj Bhandari observed that, the total amount which as per Department is wrongly claimed after deposit of Rs.3.33 Crores is less than Rs.5 Crore, Hence the Court allowed the bail application.
The Court also directed that, the accused petitioner shall be released on bail provided he furnishes a personal bond in the sum of Rs.10,00,000/- (Rupees Ten Lac Only) together with two sureties in the sum of Rs.5,00,000/- (Rupees Five Lac Only) each to the satisfaction of the learned court below with the stipulation that he shall appear before that Court and any court to which the matter is transferred, on all subsequent dates of hearing and as and when called upon to do so.
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