Home Highlights December 2015 Year 2015 This

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1. Input tax credit - Reversal of ITC - the applicant can avail the Input Tax Credit of the full GST charged on the invoice of the supply and no proportionate reversal of...

2. Valuation - Quarterly discount in the form of quantity discount/scheme discount was allowed in the tax invoices on the basis of performance of the previous quarter and...

3. Valuation - disallowance of deduction from assessable value - deduction on interest on receivables and collection charges on the delay in payment for each invoice - In...

4. The ITAT Hyderabad addressed a Transfer Pricing (TP) Adjustment issue regarding interest on outstanding receivables, determining if it constitutes an international...

5. Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

6. Valuation - they have passed on the cash discount as had been evidenced from the invoice - appellant is eligible for the cash discount deduction in assessable value. - AT

7. Valuation - allowability of deductions - The Commissioner (Appeals) has allowed the discounts on the basis of the invoices, credit notes and equalised octroi/ entry...

8. Valuation - cash discount - whether the cash discount realized back by the Appellant through debit notes is chargeable to central excise duty? - Held No - AT

9. Levy of GST on issuance of credit note as “cash discount” - Since the amount received in the form of credit note is actually a discount and not a supply by the applicant...

10. 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...

11. Input tax credit (ITC) - Post purchase discount - The Applicant can avail Input Tax Credit only to the extent of the invoice value less the discounts.

12. Valuation - inclusion of value of cash discount not availed by the buyers - Cash discount which is not at or prior to clearance of goods being contained in agreement of...

13. Addition u/s 68 or 56(2) - Unexplained cash credit u/s 68 - share transactions - the valuation aspect of the shares is made on the Discounted cash flow method (DCF) and...

14. 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

15. Valuation - trade discount versus commission for after sale service - appellant raises invoice on the sales agent indicating trade discount 10% to 20% - any amounts paid...