https://www.taxtmi.com/caselaws?id=249894 The Court, following the precedent set in IFB Industries Ltd. v. State of Kerala, ruled that discounts granted through credit notes, even if not explicitly mentioned in sale documents, are deductible from the sale price. The appellant was entitled to the deduction claimed for discounts allowed as per ordinary trade practice. The Court allowed the appeal, directing the refund of any tax amount recovered from the appellant related to the discount issue, emphasizing the importance of recognizing trade practices and not denying legitimate deductions based solely on technicalities of documentation. en-us Mon, 27 Jan 2014 00:00:00 +0530 Fri, 11 Jul 2014 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249894 The Court, following the precedent set in IFB Industries Ltd. v. State of Kerala, ruled that discounts granted through credit notes, even if not explicitly mentioned in sale documents, are deductible from the sale price. The appellant was entitled to the deduction claimed for discounts allowed as per ordinary trade practice. The Court allowed the appeal, directing the refund of any tax amount recovered from the appellant related to the discount issue, emphasizing the importance of recognizing trade practices and not denying legitimate deductions based solely on technicalities of documentation. Case-Laws VAT and Sales Tax Mon, 27 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249894