NAA: Withdraws penalty notice on builder, provision cannot be imposed retrospectively

NAA withdraws penalty notice imposed on assessee-builder while holding that penalty imposed under section 171(3A) cannot be imposed retrospectively; Deduces that earlier the NAA had already found the assessee guilty of profiteering for not passing on the benefit of additional ITC amounting to Rs 4.79 cr to the complainant/applicant who had purchased a flat in assessee’s housing project named ‘Fusion Homes’ located in Delhi; Examines that though NAA has found assessee gu...