Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Profiteering in sale of residential units and obligation to pass on input tax credit under Section 171 is examined, with area-based computation adopted and rejection of an ITC-to-turnover ratio. The investigation under Rule 129 and DGAP report quantified a profiteered amount of Rs. 40,096, requiring refund and proportionate distribution to 1,865 eligible buyers; the respondent accepted the report and agreed to comply. Interest on the profiteered amount under Rule 133(3)(b) and filing of a compliance report to DGAP and the jurisdictional GST Commissioner are directed as operative consequences.
Profiteering in sale of residential units and obligation to pass on input tax credit under Section 171 is examined, with area-based computation adopted and rejection of an ITC-to-turnover ratio. The investigation under Rule 129 and DGAP report quantified a profiteered amount of Rs. 40,096, requiring refund and proportionate distribution to 1,865 eligible buyers; the respondent accepted the report and agreed to comply. Interest on the profiteered amount under Rule 133(3)(b) and filing of a compliance report to DGAP and the jurisdictional GST Commissioner are directed as operative consequences.
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