https://www.taxtmi.com/caselaws?id=339321 The Court dismissed the writ petition challenging the assessment orders under the KVAT Act for the years 2009-10 and 2010-11. It held that discounts received through credit notes should be included in the taxable turnover, applying Explanation VII to Section 2(lii) of the KVAT Act. The Court emphasized that discounts given are part of the turnover for tax liability purposes, despite the petitioner's reliance on the 5th proviso to Section 11(3) to exclude such discounts. The petitioner was allowed to appeal to the competent appellate authority, with recovery proceedings stayed for three weeks. en-us Tue, 07 Feb 2017 00:00:00 +0530 Sat, 24 Mar 2018 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339321 The Court dismissed the writ petition challenging the assessment orders under the KVAT Act for the years 2009-10 and 2010-11. It held that discounts received through credit notes should be included in the taxable turnover, applying Explanation VII to Section 2(lii) of the KVAT Act. The Court emphasized that discounts given are part of the turnover for tax liability purposes, despite the petitioner's reliance on the 5th proviso to Section 11(3) to exclude such discounts. The petitioner was allowed to appeal to the competent appellate authority, with recovery proceedings stayed for three weeks. Case-Laws VAT and Sales Tax Tue, 07 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339321