Post sale discount - To deny the benefit of deduction only on ...

Denying deduction benefits due to unrecorded trade discounts at transaction time is unrealistic, unfair, and unjust.

January 19, 2017

Case Laws VAT and Sales Tax SC

Post sale discount - To deny the benefit of deduction only on the ground of omission to reflect the trade discount though actually granted in future, in the tax invoice/bill of sale at the time of the original transaction would be to ignore the contemporaneous actuality and be unrealistic, unfair, unjust and deprivatory. This may herald as well the possible unauthorised taxation - SC

View Source

← Previous Next →

Post sale discount - To deny the benefit of deduction only on ...

Denying deduction benefits due to unrecorded trade discounts at transaction time is unrealistic, unfair, and unjust.

January 19, 2017

Case Laws VAT and Sales Tax SC

You may also like:

Revision u/s 263 - No doubt, these transactions were not recorded at the time of survey thus qualify as unrecorded transactions satisfying one of the essential...

The appellant contested the service tax demand on trade discounts and incentives received from Tata Motors Limited for promoting or marketing vehicles. The Tribunal held...

Transaction value - Valuation (Customs) - Special or abnormal discount to the related buyers which were in excess of 3% discount - The Appellate Tribunal observed that...

Valuation - quantum of discount to be reduced - appellants are remunerating the re-sellers with 1% trade discount included in the 30% trade discount. The effective trade...

Banks are required to maintain a Statutory Liquidity Ratio (SLR) by purchasing government securities. RBI guidelines categorize securities as Held-to-Maturity (HTM),...

TDS u/s 194H - benefit given by the assessee was in the nature of ‘trade discount’ and not ‘commission’ - assessee is not required to deduct TDS u/s. 194H on such...

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) allowed the appeal and set aside the impugned order. The additional discount of 8-10% given by the...

Valuation of imported goods - Transaction Price - Grant of territorial commission/discount cannot be arbitrary/or discriminatory - It does not affect the normal trade...

Vouchers are instruments representing value that facilitate supply of goods or services. They qualify as movable property and constitute 'goods' under GST laws. Trading...

Deduction of Trade discount from Assessable value - commission (claimed as ‘trade discount') paid to agents/dealers for arranged sales to third parties will not be...

Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

Undervalued Transactions - avoidable transactions or not - Debtor of the Coporate Debtors - Discounts given by the Corporate Debtor for the benefit of the Appellant in...

Valuation - deduction of discounts - though the availability of the discounts was known at the time of clearance of the goods, these were quantified later but are to be...

The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering...

Rejection of Revision application u/s 264 - Exemption u/s 11 denied to assessee - benefits denied merely on the ground that the donor has deducted TDS u/s 194C and 194J...

Quick Updates: