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TMI Blog2020 (9) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions of Section 171 (1), the penalty prescribed under Section 171 (3A) cannot be imposed on the Respondent retrospectively. Accordingly, the notice dated 17.01.2020 issued to the Respondent for imposition of penalty under Section 171 (3A) is hereby withdrawn and the present penalty proceedings launched against him are accordingly dropped. - Case No. 57/2020 - - - Dated:- 27-8-2020 - DR. B.N. SHARMA, CHAIRMAN, SH. J.C. CHAUHAN, TECHNICAL MEMBER, SH. AMAND SHAH, TECHNICAL MEMBER Present:- 1. None for the Applicants. 2. None for the Respondent. Sh. Anil Kumar, Sh. BL Sharma, Sh. Varun Thakur, Ms. Sutirtha Chakraborty, Sh. Rakesh Bhargava, Sh. Satpal Verma, Sh. Raman Jeet Sh. Jayant Verma, Sh. Mohit Kumar Chauhan, Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent had not passed on the benefit of input tax credit (ITC) in respect of the flats purchased by them in the project Floridaa situated at Bhatola, Sec-82, Faridabad, Haryana of the Respondent on introduction of the GST w.e.f. 01.07 2017. as per the provisions of Section 171 (1) of the CGST Act, 2017 Vide his above Report the DGAP had also submitted that the Respondent had denied the benefit of ITC to the above Applicants and other buyers amounting to ₹ 2,69,77,661/- pertaining to the period from 01.07.2017 to 31.12.2018 and had thus indulged in profiteering and violation of the provisions of Section 171 (1) of the above Act. 2. This Authority after careful consideration of the Report dated 04.06.2019 had issued notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ST Rules, 2017 should not be invoked and penalty should not be imposed on him as the Central Government vide Notification No. 01/2020- Central Tax dated 01.01.2020 has appointed the 1st day of January. 2020 as the date on which the provisions of Section 92 to 112 of the Finance (No. 2) Act, 2019 shall come into force. He has further submitted that provisions of Section 171 (3A) inserted vide Section 112 of the Finance Act, 2019 are effective prospectively from 01.01.2020 and they cannot have retrospective operation. He has inter-alia also made a number of other submissions for non-imposition of penalty. The main submission he has made is that penalty should not be imposed on him as the provisions of Section 171 (3A) have come into force fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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