Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + SC VAT and Sales Tax - 2012 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (3) TMI 66 - SUPREME COURTKerala General Sales Tax Rules, 1963 - allowability of discount provided vide credit notes under rule 9(a) – Revenue contended that discount to qualify for exemption must be shown in the invoice itself – Held that:- We find nothing in rule 9(a) to read it in the restrictive manner to mean that a discount in order to qualify for exemption under its provision must be shown in the invoice itself. It is significant to note that the rule stipulates that the discount must be shown in the accounts. In UOI and Ors v. Bombay Tyres International (P) Ltd., this court held trade discount to be deductible from the sale price. Further in case of Godavari Fertilizers and Chemicals Ltd. v. Commissioner of Commercial Taxes, High Court have held that discount given by means of credit notes issued subsequent to the sale is as much a trade discount admissible to deduction in determining the turnover of a dealer. Therefore, we are unable to sustain the impugned orders and remit the matter to the Assessing Authority to make assessments in light of this judgment.
|