Statutorily capped LIG and MIG apartment prices, which permitted...

Statutorily capped LIG and MIG apartment prices, which permitted only direct-cost recovery and excluded overheads, administrative expenses and indirect taxes, did not give rise to profiteering; the analysis was confined to commercially priced HIG units. Eligible HIG purchasers were entitled individually to commensurate additional input-tax-credit benefits, without cross-adjusting excess passed to one purchaser against another purchaser's shortfall. Post-occupancy-certificate sales and unsold units were excluded from taxable-supply computation. Unpassed benefit attracted 18% compensatory interest from collection until refund. A continuing contravention after the penalty provision commenced attracted 10% penalty, subject to statutory waiver on payment within 30 days.