https://www.taxtmi.com/caselaws?id=329441 Credit notes could be issued after sale where the discount or price reduction was not finally determined at the time of the transaction and became ascertainable only later. Section 61, read with the invoice and return requirements under Sections 8 and 60 and Rule 43, allowed adjustment of tax where the invoice tax exceeded the actual tax charged or the consideration was later altered by agreement. On that basis, the corresponding VAT adjustment could be claimed in the subsequent financial year when the discount crystallised, and the revenue objection to that method was rejected. en-us Fri, 24 Jun 2016 00:00:00 +0530 Mon, 27 Mar 2017 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329441 Credit notes could be issued after sale where the discount or price reduction was not finally determined at the time of the transaction and became ascertainable only later. Section 61, read with the invoice and return requirements under Sections 8 and 60 and Rule 43, allowed adjustment of tax where the invoice tax exceeded the actual tax charged or the consideration was later altered by agreement. On that basis, the corresponding VAT adjustment could be claimed in the subsequent financial year when the discount crystallised, and the revenue objection to that method was rejected. Case-Laws VAT and Sales Tax Fri, 24 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329441