https://www.taxtmi.com/caselaws?id=169005 Trade discount claimed through post-sale credit notes was not deductible from taxable turnover under the KVAT regime where the discount was not reflected in the sale invoice. The Court applied the principle that a deduction is permissible only when the discount forms part of the invoice and is established as a deductible component under the relevant rules. A credit note issued after completion of the sale does not, by itself, take the amount outside taxable turnover, even if issued before return filing. The disallowance was therefore upheld in favour of the Revenue. en-us Thu, 19 Jun 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169005 Trade discount claimed through post-sale credit notes was not deductible from taxable turnover under the KVAT regime where the discount was not reflected in the sale invoice. The Court applied the principle that a deduction is permissible only when the discount forms part of the invoice and is established as a deductible component under the relevant rules. A credit note issued after completion of the sale does not, by itself, take the amount outside taxable turnover, even if issued before return filing. The disallowance was therefore upheld in favour of the Revenue. Case-Laws VAT and Sales Tax Thu, 19 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169005