9911796707
TMI Blog2023 (8) TMI 299X X X X Extracts X X X X X X X X Extracts X X X X ..... l Project LLP (Respondent) in respect of the projects other than the 'Crescent Bay. 2. The DGAP vide his first Investigation Report dated 29.10.2020 had reported that the Respondent while executing the 'Crescent Bay' Project situated in Parel Mumbai had profiteered an amount of Rs. 7,94,569/- from the Applicant No. 1 Sh. Bharat Kashyap, Rs. 29,45,27,905/- from other 850 home buyers who had not filed complaints and Rs. 1,23,35,442/- from M/s Omkar Realtors & Developers Pvt. Ltd. who was co-developer of the Project and was to further pass on the profiteered amount to the 30 flat buyers. 3. The Respondent and M/s Omkar Realtors & Developers Pvt. Ltd had entered in to 60:40 Joint Revenue Sharing agreement in which cost was to be b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice under Rule 129 of the CGST Rules, 2017 was issued on 23.08.2022, calling upon the Respondent to reply as to whether he admitted that the benefit of input tax credit had not been passed on to the customers of projects other than "Crescent Bay", by way of commensurate reduction in prices and if so, to suo moto determine the quantum thereof and indicate the same in his reply to the Notice as well as furnish all the supporting documents. ii) The period covered by the current investigation was from 01.07.2017 to 31.07.2022. iii) In response to the Notice dated 23.08.2022, the Respondent replied vide email dated 23.09.2022 that he had executed only one housing Project "Crescent Bay" and he was not executing any other project. iv) In or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not executed any project other than the project "Crescent Bay''. vi) The DGAP has concluded that the Respondent has not undertaken any other project except project "Crescent Bay" which has already been investigated by DGAP and profiteering has been determined vide NAA Order No. 51/2022 dated 29.07.2022. Therefore, Section 171 (1) of the Central Goods and Services Tax Act, 2017 requiring that "any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices", is not applicable in the present case. 6. This Commission has carefully considered the Report of the DGAP and the other material placed on record and finds that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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