Profiteering allegations fail where books, returns and sale documents show full GST disclosure and tax discharge.

Contemporaneous books, returns, sale deeds and departmental verification showing disclosure of sale consideration inclusive of GST, issue of payment vouchers, maintenance of customer-wise ledgers and discharge of tax liability defeated the allegation of profiteering and non-issuance of proper GST invoices. The jurisdictional authority found no short payment or tax evasion, and no objections were raised to the Screening Committee findings. On that verified record, the complaint could not be sustained and the proceedings were dropped in favour of the assessee.

---

---

Issues: Whether the allegation of profiteering and non-issuance of proper GST invoices was substantiated so as to warrant further action against the developer.

Analysis: The records considered by the State Screening Committee and the investigating authorities showed that the project had opted to continue under the old tax scheme and that the developer had disclosed the sale consideration inclusive of GST in the sale deeds, issued payment vouchers, maintained customer-wise ledgers, and discharged the tax liability reflected in the financial records and returns. The jurisdictional State authority also communicated that no short payment or evasion of tax was made out, and no objections were filed to the Screening Committee findings. On this material, the allegation of profiteering was not established.

Conclusion: The allegation was not proved and the proceedings were dropped in favour of the assessee.

Final Conclusion: The matter ended with a finding that no profiteering was made out on the verified record, and the complaint could not be sustained.

Ratio Decidendi: Where the contemporaneous books, returns, sale documents, and departmental verification show proper disclosure and discharge of tax liability, an allegation of profiteering cannot be sustained in the absence of evidence of short payment or tax evasion.

---