Madhumal Panjumal Keswani Vs Panchshil Infrastructure Holding Pvt. Ltd

The Respondent has denied the benefit of ITC to the customers/flat buyers/recipients in his Project ‘Panchshil Towers’ in contravention of the provisions of Section 171 (1) of the CGST Act. 2017 and has committed an offence under Section 171 (3A) of the above Act. That Section 171 (3A) of the CGST Act, 2017 has been inserted in the CGST Act, 2017 vide Section 112 of the Finance Act. 2019. and the same became operational w.e f 01 01.2020 As the period of investigation was 01.07.2017 to 30.11.2020, therefore, he is liable for imposition of penalty under the provisions of the above Section for the amount profiteered from 01.01.2020 onwards Accordingly, notice be issued to him to explain why penalty should not be imposed on him