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2015 (7) TMI 1141 - KERALA HIGH COURT

2015 (7) TMI 1141 - KERALA HIGH COURT - TMI - Valuation - KVAT Act - assessee purchased cement and sold it at a price lower than the price at which it was purchased by him - whether for the assessment year 2005-2006, the discount received by the assessee were also to be included to the turnover of the assessee, for the purpose of levying tax under the KVAT Act? - Held that: - provisions of Explanation III to Clause 2 of Section 2(lii) referred to. This provision clarifies that what is to be excl .....

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2 - Dated:- 13-7-2015 - ANTONY DOMINIC & SHAJI P. CHALY, JJ. BY ADV. SRI.DALE P.KURIEN RESPONDENT/REVENUE: BY SENIOR GOVERNMENT PLEADER SRI. LIJU STEPHEN ORDER Antony Dominic,J. This revision is filed by the assessee, who is aggrieved by the order passed by the Tribunal in TA(VAT) No.263/2008. By this order, the Tribunal has confirmed the order of assessment passed under Section 25 of the KVAT Act, whereby the assessment was completed adding discount received by the assessee also to be his t .....

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.09.2007, judgment of this Court in Madras Fertilisers Limited v. Asst. Commissioner (Assessment), Special Circle -II, Agrl. Income Tax and Sales Tax Dept., Ernakulam and Another [95 STC 134], the Andhra Pradesh High Court in The State of Andhra Pradesh v. T.V. Sundaram Iyengar & Sons Ltd. [65 STC 41] and the Apex Court Judgment in Deputy Commissioner of Sales Tax (Law), Board of Revenue (Taxes), Ernakulam v. Motor Industries Co. [53 STC 48], the discount received by the assessee is not liab .....

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goods are either bought or sold, supplied or distributed by a dealer. Explanation VII to this section reads thus: Explanation VII:-Where a dealer sells any goods purchased by him at a price lower than that at which it was purchased and subsequently receives any amount from any person towards reimbursement for the balance of the price, the amount so received shall be deemed to be turnover in respect of such goods. Reading of the Explanation shows that where a dealer sells any goods purchased by .....

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ement of the balance price. Such a payment though called reimbursement of the discount, is a payment in reimbursement of the balance of the price, attracting Explanation VII to Section 2(lii). If that be so, the amount so received by the assessee was liable to be added to his turnover. 7. This position is also clear from Explanation III to Clause 2 of Section 2(lii) which reads thus: (ii) Any discount on the price allowed in respect of any sale where such discount is shown separately in the tax .....

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