https://www.taxtmi.com/caselaws?id=150301 A purchaser's discount was held deductible from turnover under clause (iii) of Explanation (2) to section 2(r) of the Madras General Sales Tax Act, 1959. The court treated the discount as part of the sales transaction between vendor and purchaser and held that its character as a deductible discount was not lost because it was granted in a lump sum or by reference to aggregate payments rather than against each individual sale. The form of allowance did not change its substance. The deduction was therefore allowed in favour of the assessee. en-us Wed, 05 Jul 1967 00:00:00 +0530 Mon, 13 May 2013 10:21:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150301 A purchaser's discount was held deductible from turnover under clause (iii) of Explanation (2) to section 2(r) of the Madras General Sales Tax Act, 1959. The court treated the discount as part of the sales transaction between vendor and purchaser and held that its character as a deductible discount was not lost because it was granted in a lump sum or by reference to aggregate payments rather than against each individual sale. The form of allowance did not change its substance. The deduction was therefore allowed in favour of the assessee. Case-Laws VAT and Sales Tax Wed, 05 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150301