NAA: Dismisses profiteering allegation absent any incremental ITC benefit post-GST despite credit-note issuance

NAA dismisses allegation of ‘profiteering’ against Respondent-Builder noting that there was neither any reduction in the rate of tax nor an increased additional benefit on account of ITC; Finds no reason to differ from DGAP’s findings that ratio of ITC in pre-GST period was higher than post-GST period, therefore, provisions of Section 171 are not liable to be invoked notwithstanding issuance of a credit note to the Applicant indicating passing of an amount; Observes tha...