Respondent Accused of Profiteering by Withholding 3.04% Input Tax Credit Benefit from Flat Buyers, Faces Penalty Proceedings.

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....Profiteering - the benefit of additional ITC of 3.04% of the taxable turnover during the period w.e.f. 01.07.2017 to 31.08.2018 and the amount outstanding as on 31.08.2018, has accrued to the Respondent and the same was required to be passed on to the Applicants and the other flat buyers. - Penalty proceedings initiated.....