TMI Blog2014 (7) TMI 930X X X X Extracts X X X X X X X X Extracts X X X X ..... - Held that:- discount through credit note issued even subsequent to a sale without their mention in the sale voucher of the bill is permissible. It has been held that the claim for deduction of the amount of trade discount cannot be disallowed only on the ground that the discount amount were not shown in the sale invoice or the bills issued. Once allowing of discount is established from the mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eductible from sale price is perverse in law and on facts and contrary to the decision of the Supreme Court in IFB Industries Ltd. v. State of Kerala [2012] 49 VST 1 (SC); [2012] 20 STJ 285? The appellant herein was assessed for tax under the commercial tax law for assessment year 2002-03 and the only question involved in this appeal is as to whether the discount allowed by the appellant herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court in the case of IFB Industries Ltd. v. State of Kerala [2012] 49 VST 1 (SC); [2012] 20 STJ 285. It has been held by the honourable Supreme Court in the aforesaid case that discount through credit note issued even subsequent to a sale without their mention in the sale voucher of the bill is permissible. It has been held that the claim for deduction of the amount of trade discount canno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012] 49 VST 1 (SC); [2012] 20 STJ 285, the question of law is answered by holding that the appellants are entitled to deduction claimed for with regard to the discount allowed by them as a retailer based on ordinary trade practice by way of issuing credit note even without showing the same in the sale invoice or the bill. Accordingly, the amount, if any recovered towards tax on this count be n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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