Section 29(12) in Uttar Pradesh Value Added Tax Act, 2008
(12)Where in an agreement between seller and purchaser it is agreed upon that sale price of goods due to price escalation shall be settled on a later date and in the circumstances such date falls in any assessment year subsequent to the assessment year in which such goods were sold, amount receivable due to price settlement, for all purposes under this Act, shall be deemed part of the turnover of the assessment year in which sale was made and where limitation for assessment of tax on such turnover, [as provided in this section] [Substituted By The Uttar Pradesh Value Added Tax (Amendment) (Second) Ordinance, 2014 (U. P. Ordinance No. 6 of 2014).] has expired, such part of turnover may be assessed before the expiry of the assessment year succeeding the assessment year in which such settlement is made, but the tax on such turnover of sale shall be charged at the rate prevalent at the time of sale.
