No Anti-Profiteering Holds as Post-GST Input Tax Credit Ratio Declined and No Additional Credit Accrued Issue Whether the real estate developer engaged in anti-profiteering under Section 171 of the CGST/DGST Act, 2017, by failing to pass on benefits of additional Input Tax Credit (ITC) to homebuyers upon the transition to the GST regime. Facts The… Read More »
No Anti-Profiteering Holds as Post-GST Input Tax Credit Ratio Declined and No Additional Credit Accrued No Anti-Profiteering Holds as Post-GST Input Tax Credit Ratio Declined and No Additional Credit Accrued Issue Whether the builder-respondent indulged in profiteering under Section 171 of the CGST/MGST Act, 2017, by failing to pass on benefits of additional Input Tax… Read More »
No Additional ITC Accrued Post-GST for Construction Project, So Anti-Profiteering Proceedings Were Properly Closed No Additional ITC Accrued Post-GST for Construction Project, So Anti-Profiteering Proceedings Were Properly Closed Issue Whether the developer/respondent committed profiteering under Section 171 of the CGST/MGST Act, 2017 in respect of the construction project ‘Madhu Vasant CHS Ltd.’ during the period… Read More »
Deferred Share Transfer Valuation Without Financial Capacity Constitutes Benami Transaction Subject to Provisional Attachment Issue Whether a share transfer executed on deferred consideration terms where the transferee lacks financial capacity, possesses no independent business, and holds shares under the seller’s lien constitutes a benami transaction under Section 2(9)(A) read with Section 24 of the Prohibition… Read More »
Homebuyers entitled to full refund of profiteered ITC and extra GST with interest without inter-buyer set-off Issue Whether homebuyers who booked units post-June 30, 2018 (post-GST) can be excluded from anti-profiteering calculations under Section 171. Whether the profiteered amount should be deposited in the Consumer Welfare Fund (CWF) or refunded directly to identified homebuyers. Whether… Read More »
Provisionally attaching funds in appellant’s account is justified as unexplained RTGS credits constitute benami transactions Issue Whether the Initiating Officer was justified in treating Shri Asit B. Doshi as the benamidar and the appellant as the beneficial owner under Section 2(9) of the Prohibition of Benami Property Transactions Act, 1988, and provisionally attaching funds in… Read More »
Unexplained Demonetized Cash Deposits And Subsequent RTGS Transfers From Unknown Entities Constitute Benami Transactions Under PBPT Act Issue Whether unexplained deposits of demonetized currency and subsequent RTGS transfers into a proprietorship’s bank account from unknown entities, unsupported by independent trade evidence, constitute a ‘benami transaction’ under Section 2(9) read with Section 2(26), justifying provisional attachment… Read More »
Reassessment Order Set Aside Where Show Cause Notice Cited Figures From Different Assessment Year Reassessment Order Set Aside Where Show Cause Notice Cited Figures From Different Assessment Year Issue Validity of Reassessment Order Based on Mismatched Show Cause Notice: Whether a reassessment order passed under Section 147 read with Sections 144 and 144B can be… Read More »
Project completion occurs on actual OC grant date, necessitating anti-profiteering refund until OC issuance. Project completion occurs on actual OC grant date, necessitating anti-profiteering refund until OC issuance. Issue Whether anti-profiteering provisions apply to a real estate project up to the actual grant date of the Occupancy Certificate (OC), and whether the builder is liable… Read More »
Developer Liable to Refund Profiteered Amount With Interest for Not Passing On Additional ITC Benefit Issue Whether the respondent developer is liable for anti-profiteering action under Section 171 of the CGST Act for failing to pass on the benefit of additional Input Tax Credit (ITC) to residential homebuyers through a commensurate reduction in flat prices.… Read More »