1997 (3) TMI 98

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....ior Advocate (P.H. Parekh, Krishna Srinivasan and E.R. Kumar, Advocates, with him) for the appellant. N.K. Bajpayee, R.S. Rana and V.K. Verma, Advocates, for the respondent. [Order]. - Heard the Counsel for the parties. 2. Two questions arise in these appeals namely;- (1) deductibility of turnover discount and (2) additional discount. 3. So far as the additional discount is conce....

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....iod : April, 1988 to March, 1989) Applicable for the Dealers covered by : Delhi City Turnover slabs on Gross value Turnover Discount on Gross value Above Upto   - 4.20 Nil 4.20 8.50 2.0% 8.50 12.00 3.0% 12.00 18.70 4.0% 18.70 24.80 5.0% 5. The policy under which general discounts are given also contains a further clause to t....

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....d at the end of the year. If the volume of purchases falls to a lesser slab, the dealer has to refund to the assessee the difference amount and conversely if the volume ascends to the higher slab, the dealer will be paid the difference amount. This is a case of adjustment and is not hit by the words'' (such discount not being refundable on any account whatsoever)" in Section 4(4)(d)(ii) of the Cen....