NAA: Confirms profiteering against Housing Project owner for not passing ITC benefit to flat buyer, however, withdraws penalty

NAA finds that Housing Projects owner committed profiteering in violation of Section 171(1) of the CGST Act, 2017, by not passing on benefit of ITC to flat buyers; Notes that DGAP had conducted an investigation and found that the Respondent had not passed on the benefit of ITC in respect of flat purchased by Applicant and other buyers in ‘Runwal My City’ project for the period between July,2017-June,2018 forth which SCN was issued; Concurs with Respondent’s submission t...