2014 (7) TMI 930

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....admitted on July 18, 2012 for considering the following substantial questions of law: "Whether the order passed by the Board in holding that discount allowed to retailers as per ordinary trade practice of the appellant by way of credit notes as not deductible from sale price is perverse in law and on facts and contrary to the decision of the Supreme Court in IFB Industries Ltd. v. State of Kera....

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.... the appellant that the grant of discount being an admitted position even without there being disclosure in the voucher and bills the same are permissible. Even though various grounds are raised in this VAT appeal, the question stands decided by the Supreme Court in the case of IFB Industries Ltd. v. State of Kerala [2012] 49 VST 1 (SC); [2012] 20 STJ 285. It has been held by the honourable Sup....

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....td. [2012] 49 VST 1 (SC); [2012] 20 STJ 285, the judgment in the case of Advani Oerlikon (P.) Ltd. [1980] 45 STC 32 (SC) has been explained in para 30 and thereafter a decision taken. In view of the law laid down in the judgment of IFB Industries Ltd. [2012] 49 VST 1 (SC); [2012] 20 STJ 285, the question of law is answered by holding that the appellants are entitled to deduction claimed for with r....