https://www.taxtmi.com/caselaws?id=337878 Post-sale trade discounts may be deducted from taxable turnover under Rule 3(2)(c) of the Karnataka VAT Rules when the statutory scheme is read as a whole with Sections 29 and 30 of the Karnataka VAT Act. The proviso requiring the invoice or bill of sale to show the discount was held not to bar genuine discounts granted later through credit notes, where they are supported by contemporaneous records, reflect regular commercial practice or contractual arrangement, and are recorded in the accounts. A rigid literal reading that excludes such deductions would defeat the object of the provision. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 19 Mar 2018 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337878 Post-sale trade discounts may be deducted from taxable turnover under Rule 3(2)(c) of the Karnataka VAT Rules when the statutory scheme is read as a whole with Sections 29 and 30 of the Karnataka VAT Act. The proviso requiring the invoice or bill of sale to show the discount was held not to bar genuine discounts granted later through credit notes, where they are supported by contemporaneous records, reflect regular commercial practice or contractual arrangement, and are recorded in the accounts. A rigid literal reading that excludes such deductions would defeat the object of the provision. Case-Laws VAT and Sales Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337878