Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
Failure to pass on input tax credit benefits under GST was found to constitute profiteering, as the post-GST ITC-to-purchase ratio increased on verified audited figures and the respondent retained the additional benefit instead of passing it to homebuyers. The determined profiteered amount was ordered to be refunded to eligible homebuyers with interest at 18% per annum from the respective dates of collection until refund. Penalty under Section 171(3A) was not imposed because the violation period predated its commencement and the respondent had refunded the amount, attracting the statutory proviso against penalty.
Failure to pass on input tax credit benefits under GST was found to constitute profiteering, as the post-GST ITC-to-purchase ratio increased on verified audited figures and the respondent retained the additional benefit instead of passing it to homebuyers. The determined profiteered amount was ordered to be refunded to eligible homebuyers with interest at 18% per annum from the respective dates of collection until refund. Penalty under Section 171(3A) was not imposed because the violation period predated its commencement and the respondent had refunded the amount, attracting the statutory proviso against penalty.
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