Builder Nani Resorts held Guilty of Profiteering for not passing ITC Benefit

The National Anti-Profiteering Authority ( NAA )in the matter of  Sh Sandeep Kumar v M/s Nani Resorts held the respondents guilty of profiteering and hence a refund of the profiteered amount. The profiteering has been alleged in respect of the purchase of a flat in Nani Resorts’ Project wherein the benefit of input tax credit had not been passed by way of commensurate reduction in price…