Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
The Tribunal treated the Rule 128 timeline for Standing Committee reference as directory, so procedural delay did not defeat anti-profiteering proceedings. It held that the respondent failed to pass on additional input tax credit to homebuyers, and that the profiteered amount had to include the GST component because buyers paid the higher price inclusive of tax. Interest was upheld as payable under the Rules from the dates of collection until refund. Penalty was attracted prospectively only for the period from 1 January 2020 onward, subject to the statutory relief if the amount is deposited within thirty days.
The Tribunal treated the Rule 128 timeline for Standing Committee reference as directory, so procedural delay did not defeat anti-profiteering proceedings. It held that the respondent failed to pass on additional input tax credit to homebuyers, and that the profiteered amount had to include the GST component because buyers paid the higher price inclusive of tax. Interest was upheld as payable under the Rules from the dates of collection until refund. Penalty was attracted prospectively only for the period from 1 January 2020 onward, subject to the statutory relief if the amount is deposited within thirty days.
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