HC refuses bail in case of alleged Fake ITC exceeding Rs. 5 Crore

Yogesh Jagdish Kanodia Vs State of Maharashtra (Bombay High Court) Conclusion: Where Input Tax Credit (ITC) had been wrongly availed exceeds Rs.5 crores it would amount to a cognizable and non-bailable offense and the offence was punishable with imprisonment for a term, which could extend to five years and with fine under section 132 (1) (i) of the CGST Act. Held:  The respective authority proceeded against assessee on the basis that he had committed offence under section 132 (1) (b) (c) of the CGST Act and that since the input tax credit wrongly availed by assessee exceeded Rs.500 lakh (Rs.5...