https://www.taxtmi.com/caselaws?id=162151 Credit notes issued by manufacturers to distributor-dealers were treated as rebates or discounts that reduced the effective purchase price, and that reduction had to be reflected in computing differential taxable turnover. Because the sale invoices were tax-inclusive and the record did not show that the credit-note value had already suffered tax in the hands of the first seller, the amount represented by the credit notes was required to be taken into account either by adding it to turnover or by adjusting the purchase price. On that basis, the credit-note amounts were correctly includible in the dealers' differential taxable turnover. en-us Mon, 16 Aug 2004 00:00:00 +0530 Wed, 19 Feb 2014 17:49:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162151 Credit notes issued by manufacturers to distributor-dealers were treated as rebates or discounts that reduced the effective purchase price, and that reduction had to be reflected in computing differential taxable turnover. Because the sale invoices were tax-inclusive and the record did not show that the credit-note value had already suffered tax in the hands of the first seller, the amount represented by the credit notes was required to be taken into account either by adding it to turnover or by adjusting the purchase price. On that basis, the credit-note amounts were correctly includible in the dealers' differential taxable turnover. Case-Laws VAT and Sales Tax Mon, 16 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162151