TaxTMI 
TaxTMI 
2026 (8) TMI 490
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....Peerless General Finance & Investment Company Limited, a public limited Non-Banking Financial Company. The Respondent is primarily engaged in the development and sale of residential and commercial real estate projects, with a particular focus on affordable housing in the State of West Bengal. It is registered under the Goods and Services Tax laws bearing GSTIN 19AABCB3038P1ZE. 2. The present proceedings arise out of an Interim Order (hereinafter referred to as "the I.O.") No. 27/2022 dated 30.09.2022, issued by the National Anti-Profiteering Authority, under the provisions of Section 171 of the Central Goods and Services Tax Act, 2017, (hereinafter referred to as "the Act") read with Rule 133(4) of the Central Goods and Services Tax Rule....
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....ailed investigation in respect of the Respondent's project, Avidipta-II", developed by M/s. Bengal Peerless Housing Development Company Limited, and submitted its Report dated 25.06.2025 before the Hon'ble GSTAT), in compliance with paragraphs 9, 11, and 12 of the Interim Order dated 30.09.2022. The said Report was accepted by the Hon'ble GSTAT vide Final Order dated 14.01.2026. 5. Further, an investigation in respect of the other projects undertaken by the Respondent was conducted in terms of Rule 133(5) of the CGST Rules, 2017, and the investigation Report dated 06.04.2023 was submitted to the Competition Commission of India (CCI). 6. The Respondent has also filed Writ Petition No. WPO 24942 of 2022 before the Hon'bl....
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....f the profiteering amount, if any, in accordance with the directions issued by the Hon'ble High Court of Delhi, and to submit a fresh investigation report. 10. Upon completion of the re-investigation, the DGAP submitted its Final Investigation Report dated 12.03.2026 before this Tribunal. The relevant findings thereof are summarised below: 10.1. The investigation covered the period from 01.07.2017 to 23.02.2021, i.e., up to the date of receipt of the Final Occupancy Certificate in respect of the project "Digangana Housing Complex". 10.2. The DGAP examined all the projects and common services undertaken by the Respondent under the same GST registration to determine whether any additional benefit of input tax credit h....
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....rd under GST, the GST input tax credit availed during the post-GST period and the purchase value of goods and services on the basis of the statutory returns, books of account, electronic credit ledgers and Chartered Accountant's certificates furnished by the Respondent. The DGAP also verified the reversals of input tax credit attributable to exempt supplies in accordance with Sections 17(2) and 17(3) of the CGST Act read with Rule 42 of the CGST Rules. 10.6. On the basis of the aforesaid examination, the DGAP computed the ratio of eligible credit to the purchase value during the pre-GST and post-GST periods as under: Particulars Pre-GST Post-GST 1. Credit of Central Excise Duty & Service Tax availed (A) ....
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....e Respondent directing it to file written submissions on the DGAP Report. 12. The matter was taken up for hearing on 23.04.2026, 27.04.2026 and 17.07.2026. Shri Ravi Passi, Inspector; Ms. Geetika Chib, Assistant Director; and Smt. Nutan, Assistant Director, appeared on behalf of the DGAP during the aforesaid hearings. Shri Amit Kumar Aggarwal, Chartered Accountant, appeared on behalf of the Respondent. 13. It is pertinent to note that despite due notice and repeated opportunities, neither of the Complainants entered appearance before this Tribunal at any stage of the present proceedings or filed any submissions in response to the DGAP's Final Investigation Report. The matter has, therefore, been considered on the basis of the material....
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....ding an opportunity of hearing to all parties." ORDER 16. We have considered the Final Investigation Report submitted by the DGAP, the material placed on record, the submissions made by the Respondent and the orders passed by the Hon'ble High Court at Calcutta. The issue which arises for determination is whether any additional benefit of input tax credit accrued to the Respondent on implementation of GST and, if so, whether the same was required to be passed on to the recipients in terms of Section 171 of the CGST Act, 2017. 17. Furthermore, it is observed that, despite due service of notice and repeated opportunities granted by this Tribunal, neither of the Complainants entered appearance at any stage of the proceedings, nor were ....