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Income Tax - Highlights / Catch Notes

Home Highlights April 2014 Year 2014 This

Allowability of Turnover discount and Service discount – ...

Income Tax

April 1, 2014

Allowability of Turnover discount and Service discount – Assessee has not produced any evidence to show that the discounts was also allowed to other parties in the past or in subsequent years - disallowance confirmed - AT

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  1. Disallowance of discount from the taxable turnover - There is no evidence that the dealer paid to the assessee the original value of the goods and not the discounted...

  2. Levy of service tax - Construction of Residential Complex Services/ Construction of Commercial Complex Services - Department has not brought out any independent facts or...

  3. Determination of turnover - Disallowance of discount - Assessee give discount on sale of motor vehicles - by issuing a credit note after receiving the amounts, of...

  4. Valuation - inclusion of discount in assessable value - Either the Assessing Officer could have added on the discount to the returned turnover or taxed the estimated...

  5. Sales Tax / VAT - allowability of discount provided vide credit notes under rule 9(a) – discount given by means of credit notes issued subsequent to the sale is as much...

  6. Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

  7. Valuation - reduction of discount given to customers on the sales finalized at the year end from the next year's turnover - In essence what the assessee did, was to...

  8. Computation of deduction u/s 80IB/80IC - allocation of advertisement expenses to the eligible units in the ratio of turnover of eligible units to the total turnover of...

  9. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

  10. Allowability of financial charges including interest expenditure - The assessee failed to produce documentary evidences, the end use of funds invested in subsidiary,...

  11. Bogus sundry creditors - Whether CIT(A) had clearly violated the provisions of Rule 46A of the Income-tax Rules, 1962, while admitting additional evidence? - The High...

  12. Business Auxiliary Service - respondents as distributors were receiving 1% volume discount on the total turnover - liability of service tax does not arise.

  13. Denial of refund claim - Rule 5 of CCR, 2004 – input services – export of services – export turnover - branches turnover neither included in export turnover nor in the...

  14. Classification of service - Services in relation to providing vehicles to associates, in course of its business activities - The Tribunal found that the services related...

  15. Valuation - Denial of the deduction of trade discount and turnover discount - t the discounts passed on by credit notes and not shown in the invoices would be admissible. - AT

 

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