NAA: Deletes penalty proceeding against Builder for not passing additional ITC-benefit to flat-buyer

NAA sets-aside penalty imposed on Builder, Edelco Infrastructures & Properties Ltd. (‘Respondent’) held guilty for not passing the additional ITC benefit to buyers of his flats/plots; While upholding the profiteering allegation against Respondent, NAA holds that penalty u/s 171 (3A) cannot be applicable as no penalty provisions were existent during the period in which profiteering was committed; Notes that DGAP on investigation found that Respondent had not passed on ...