Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Additional input tax credit under GST had accrued to the respondent and was not passed on to homebuyers by commensurate price reduction, as the Tribunal accepted the DGAP's finding that the input tax credit-to-purchase value ratio increased post-GST and the respondent accepted the computation; this amounted to contravention of Section 171. The Tribunal further held that the obligation to pass on the benefit arose at the time of supply, so the profiteered amount had to be refunded with 18% interest from the date of collection of the last instalment until return to the eligible homebuyers. It also held that penalty was leviable under Section 171(3A), subject to the statutory proviso on deposit within thirty days.
Additional input tax credit under GST had accrued to the respondent and was not passed on to homebuyers by commensurate price reduction, as the Tribunal accepted the DGAP's finding that the input tax credit-to-purchase value ratio increased post-GST and the respondent accepted the computation; this amounted to contravention of Section 171. The Tribunal further held that the obligation to pass on the benefit arose at the time of supply, so the profiteered amount had to be refunded with 18% interest from the date of collection of the last instalment until return to the eligible homebuyers. It also held that penalty was leviable under Section 171(3A), subject to the statutory proviso on deposit within thirty days.
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