NAA: Holds Real Estate Developer responsible for profiteering; Drops penalty-proceedings, given prospective applicability

NAA holds that the Respondent (a Real Estate Developer) indulged in profiteering, by not passing on additional ITC to flat buyers, however, withdraws penalty proceedings against the Respondent as the provisions for imposing such penalty did not exist at the time of violation; Notes that DGAP in its report stated that the Respondent had not passed the benefit of additional ITC to the tune of Rs. 1,42,06,267 to the home buyers in its project and thus indulged in profiteering in...