Chartered Accountant Arrested for Tax Evasion of Rs.10 crore in Rajasthan:

Chartered Accountant Arrested for Tax Evasion of Rs.10 crore in Rajasthan A chartered accountant (CA) was arrested for the tax evasion of Rs.10 crore in Rajasthan. The chartered accountant Ankit Jain has been sent to judicial custody. He is accused of serious charges, including causing a significant revenue loss to the government and making bills. His arrest came after the authorities found clear evidence of his involvement in these illegal activities.

Generated Fake ITC of Rs. 10.05 crore

Ankit Jain, a chartered accountant and the son of Kailash Chandra Jain, the Director of M/s KC Jain and Associates, was arrested in Rajasthan on March 26. He was accused of creating a fake Input Tax Credit (ITC) worth Rs 10.05 crore. He issued fake bills for goods and services without supplying them. The accused was arrested by Krishna Kumar Swami, Assistant Commissioner, under the leadership of Manish Bakshi, Joint Commissioner of the Enforcement Branch-III in Jaipur, under the guidance of the Special Commissioner (Enforcement) and the supervision of Additional Commissioner (Administration), Shishupal Singh. Following his arrest, Ankit Jain was sent to judicial custody by the court.

Government Faces Tax Fraud Losses

Shishupal Singh explained that Ankit Jain misused his role in filing returns for some of his clients' businesses. He intended to cause a revenue loss by creating fake invoices for goods and services that were never actually supplied. He used to generate and use fake Input Tax Credit (ITC). The government didn’t get the full taxes it was supposed to receive from those transactions, causing a loss in revenue. In exchange for this, Jain received a commission and allowed his clients to benefit wrongly from tax credits.