https://www.taxtmi.com/caselaws?id=83315 For excise valuation under Section 4 of the Central Excises and Salt Act, 1944, a turnover discount is deductible where it is a trade discount known in advance, follows normal wholesale practice, and operates as a reduction in the price actually realised; the majority treated postponement of quantification through credit notes or year-end adjustment as not fatal where the basis and rate were pre-declared. An additional sales-promotion discount was treated as capable of being a trade discount, but the factual record was found insufficient and the matter was remanded for verification. Sales tax rulings were regarded as relevant by analogy on commercial discounting, but not binding on excise valuation. en-us Tue, 17 May 1994 00:00:00 +0530 Tue, 12 Jul 2011 16:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=83315 For excise valuation under Section 4 of the Central Excises and Salt Act, 1944, a turnover discount is deductible where it is a trade discount known in advance, follows normal wholesale practice, and operates as a reduction in the price actually realised; the majority treated postponement of quantification through credit notes or year-end adjustment as not fatal where the basis and rate were pre-declared. An additional sales-promotion discount was treated as capable of being a trade discount, but the factual record was found insufficient and the matter was remanded for verification. Sales tax rulings were regarded as relevant by analogy on commercial discounting, but not binding on excise valuation. Case-Laws Central Excise Tue, 17 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=83315