https://www.taxtmi.com/caselaws?id=166323 The High Court upheld the Tribunal's decision that liquidated damages received by the assessee should not be included in the taxable turnover. The Court emphasized that such damages are meant to compensate for defaults and are not connected to sale prices. As the contractor is responsible for bearing these damages, only amounts received after deductions should be considered turnover. The Court's ruling aligned with a previous decision by the Punjab and Haryana High Court, affirming that liquidated damages serve a distinct purpose from discounts and should not impact taxable turnover. en-us Thu, 17 Nov 2011 00:00:00 +0530 Wed, 17 Sep 2014 16:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166323 The High Court upheld the Tribunal's decision that liquidated damages received by the assessee should not be included in the taxable turnover. The Court emphasized that such damages are meant to compensate for defaults and are not connected to sale prices. As the contractor is responsible for bearing these damages, only amounts received after deductions should be considered turnover. The Court's ruling aligned with a previous decision by the Punjab and Haryana High Court, affirming that liquidated damages serve a distinct purpose from discounts and should not impact taxable turnover. Case-Laws VAT and Sales Tax Thu, 17 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166323