1989 (2) TMI 402

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....questions are urged by Shri P. Venkatrama Reddy, learned counsel for the petitioner-assessee. The first one relates to bill discounting charges. What happens is this: The agreement between the parties contemplates payment of consideration after a period of 45 days or 60 days, as the case may be. The parties also contemplate raising a hundi and collecting it through their bankers. The bank charges ....

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....e was a distinct and separate agreement in respect of these charges as separate and distinct from the sale agreement. Once this is so, there is no principle upon which these charges can be said to be outside the purview of the turnover. We, therefore, agree with the Tribunal that the bill discounting charges are includible in the turnover of the assessee. The same is the position with respect to h....