https://www.taxtmi.com/caselaws?id=102099 A commercial price concession granted to distributors and reflected in the accounts was deductible as a trade discount in computing taxable turnover, because a concession given for trade reasons under regular practice or contractual terms does not lose that character merely by promoting sales. Deduction for the value of goods returned within three months, however, had to be claimed in the assessment year of the original sale, since the turnover reduction relates to the year in which tax was levied on that sale and cannot be shifted to the later year of return. The assessee succeeded on the discount issue, but the Revenue prevailed on the timing of the returned-goods deduction. en-us Fri, 18 Feb 1983 00:00:00 +0530 Mon, 02 Dec 2013 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102099 A commercial price concession granted to distributors and reflected in the accounts was deductible as a trade discount in computing taxable turnover, because a concession given for trade reasons under regular practice or contractual terms does not lose that character merely by promoting sales. Deduction for the value of goods returned within three months, however, had to be claimed in the assessment year of the original sale, since the turnover reduction relates to the year in which tax was levied on that sale and cannot be shifted to the later year of return. The assessee succeeded on the discount issue, but the Revenue prevailed on the timing of the returned-goods deduction. Case-Laws VAT and Sales Tax Fri, 18 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102099