https://www.taxtmi.com/caselaws?id=336315 The Court allowed the writ petition, setting aside the assessment orders for the years 2011-2014 that included quantity discounts in turnover. The Court emphasized that trade discounts should not automatically increase turnover unless additional amounts were realized, in line with Circular No. 5/05 and Ext.P6 clarifying Section 7 of the KVAT Act. The assessing officer's failure to consider this interpretation, despite accepting it in previous assessments, rendered the current assessment inconsistent. The Court directed a review of the matter in accordance with Ext.P6, highlighting that trade discounts should not inflate turnover without additional amounts being received. en-us Fri, 25 Nov 2016 00:00:00 +0530 Tue, 20 Dec 2016 07:03:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336315 The Court allowed the writ petition, setting aside the assessment orders for the years 2011-2014 that included quantity discounts in turnover. The Court emphasized that trade discounts should not automatically increase turnover unless additional amounts were realized, in line with Circular No. 5/05 and Ext.P6 clarifying Section 7 of the KVAT Act. The assessing officer's failure to consider this interpretation, despite accepting it in previous assessments, rendered the current assessment inconsistent. The Court directed a review of the matter in accordance with Ext.P6, highlighting that trade discounts should not inflate turnover without additional amounts being received. Case-Laws VAT and Sales Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336315