Court Rules No Tax Demand on Year-End Sales Discounts for 2008-09; High Court Supports Assessee's Adjustment.

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....Valuation - reduction of discount given to customers on the sales finalized at the year end from the next year's turnover - In essence what the assessee did, was to reduce the total turnover of the assessment year 2008-09 to the extent its value after discount during the previous year had come down which would have a direct relation to the tax payable by the assessee - No demand - HC....