Developer Ordered to Pass on ITC Benefits to Flat Buyers with 18% Interest for Profiteering Violation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Profiteering - purchase of Flats - it is alleged that Respondent had not passed on the benefit of Input Tax Credit (ITC) availed by way of commensurate reduction in the price of the flats - The Respondent has not disputed the findings of the DGAP regarding method of computation of profiteering and the amount worked out by him. As such, the Authority finds no reason to differ from the above-detailed computation of profiteering in the DGAP's Report or the methodology adopted - the Respondent is directed to also pass on interest @18% to the customers/ home/shop buyers on the entire amount profiteered - NAPA....