Timing of price reduction claim barred deduction in earlier assessment year; trade discount and export assistance issues were left undecided.

A claim for reduction of the disputed amount could not be taken in assessment year 1973-74 because the price reduction was effected only in the subsequent accounting year. On that basis, the assessee was held not entitled to claim the reduction for the earlier year, and the answer went in favour of the department. Questions relating to trade discount and export assistance were not decided in the reference and were specifically declined.

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Issues: Whether the assessee was entitled to claim reduction of the disputed amount during assessment year 1973-74 when the price reduction was effected only in the subsequent accounting year.

Analysis: The reference arose from an assessment for the accounting year March 1, 1973 to February 28, 1974. The reduction in price was effected in the subsequent year, so the claim could not properly be considered in the assessment year 1973-74. Questions relating to trade discount and export assistance did not arise for decision in that reference and were declined.

Conclusion: The assessee was not entitled to claim the reduction in assessment year 1973-74, and the answer was against the assessee and in favour of the department.

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