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2016 (10) TMI 1023 - KERALA HIGH COURTValuation - discount - whether the discounts received by the assessee much after purchase from the supplier would have to be deemed as turn over as per Explanation VII to Section 2(ii) of the Kerala Value Added Tax Act or whether it would have to be treated as either a 'cash discount' or 'trade discount'? - Held that: - the assessee has suffered loss and they have received certain amounts from their suppliers, without which the assessee would not have been able to recoup the loss suffered by it. The conditions that are to be present for applying the mandate of Explanation VII to Section 2(ii) thus being obvious from the accounts of the assessee, any explanation to the nature of the amounts received by it, in the absence of specific and' clinching evidence/documents to prove such nature, would be of no avail - the amounts received by the assessee, which they call 'discounts' are, in fact, the amounts that would fall within the ambit of Explanation VII to Section 2(ii) and hence liable to be added to the turnover. Revision allowed - decided in favor of revisionist.
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