Pareena Infrastructure Pvt. Ltd. guilty of Profiteering: NAA

Saurabh Kumar Vs Pareena Infrastructure Pvt. Ltd. (NAA) Applicant alleged that the Respondent had not passed on the benefit or Input Tax Credit (ITC) to him by way of commensurate reduction in the price of flat in respect of purchase of flat in project “Laxmi Apartment” Sector-99A, Dwarka Expressway, Gurugram, Haryana. It is clear from plain reading of Section 171 (1) that it deals with two situations. One relating to the passing on the benefit of reduction in the rate of tax and the second pertaining to the passing on the benefit of the ITC. On the  issue of reduction in the tax ...