https://www.taxtmi.com/caselaws?id=166371 Genuine trade discounts reflected through credit notes issued after the tax invoice are deductible in computing taxable turnover under the Karnataka Value Added Tax regime. The Court read the provisions on total and taxable turnover harmoniously and held that a discount allowed by the dealer, when supported by accounts and related material, reduces the sale consideration even if recorded later through a credit note. It applied the principle that trade discount does not form part of sale price and rejected the revenue's attempt to treat post-invoice discounts as mere incentives. The assessing authority therefore cannot tax the unadjusted invoice value where the discount is substantiated. en-us Fri, 04 Feb 2011 00:00:00 +0530 Mon, 22 Sep 2014 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166371 Genuine trade discounts reflected through credit notes issued after the tax invoice are deductible in computing taxable turnover under the Karnataka Value Added Tax regime. The Court read the provisions on total and taxable turnover harmoniously and held that a discount allowed by the dealer, when supported by accounts and related material, reduces the sale consideration even if recorded later through a credit note. It applied the principle that trade discount does not form part of sale price and rejected the revenue's attempt to treat post-invoice discounts as mere incentives. The assessing authority therefore cannot tax the unadjusted invoice value where the discount is substantiated. Case-Laws VAT and Sales Tax Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166371