Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
The Tribunal held that the respondent contravened the anti-profiteering mandate by failing to pass on the incremental input tax credit benefit to homebuyers in a uniform and commensurate manner. It accepted the DGAP's computation that the post-GST ITC ratio increased, and ruled that any excess adjustment in some cases could not cure the shortfall in others, leaving the balance benefit refundable to eligible buyers. It further held that the profiteered amount, computed on values exclusive of GST but collected from buyers inclusive of GST, had to include the GST component. Interest at 18% per annum was directed on the amount not passed on, and penalty exposure under Section 171(3A) was recorded for the relevant period.
The Tribunal held that the respondent contravened the anti-profiteering mandate by failing to pass on the incremental input tax credit benefit to homebuyers in a uniform and commensurate manner. It accepted the DGAP's computation that the post-GST ITC ratio increased, and ruled that any excess adjustment in some cases could not cure the shortfall in others, leaving the balance benefit refundable to eligible buyers. It further held that the profiteered amount, computed on values exclusive of GST but collected from buyers inclusive of GST, had to include the GST component. Interest at 18% per annum was directed on the amount not passed on, and penalty exposure under Section 171(3A) was recorded for the relevant period.
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