indirectly the levy of VAT
on trading loss, because of discounts and schemes received by the
assessee from the company, and is not the amount ... market. The
assessee has managed the profits from the schemes and discounts
received from the company, in the form of various discount
schemes. The trading
issued alleging escaped turnover on
the basis of the subsidy and discount received, which
W.P.(C) No. 21314 & 24609/2016
-2-
the assessee
accessories of computers. In the course of business, the petitioner received incentives and discounts from the suppliers based on lifting the stocks. Such incentives ... claim of ITC on the ground that the petitioner has received discount through credit notes and passed on some portion of the discount
Guide stone & Sign board Rs.1,15,820/-
3. Discount received from IOCL Rs.17,15,370/-
With the above submissions, the petitioner requested
quash the same as the proposal to add the discount received from the vendors to the sales turnover of the petitioner and assess the same
T.N.Generation & Distbn. Corpn Ltd vs Ppn Power Gen.Co.Pvt.Ltd on
valuable consideration
received or receivable by the seller, once the sales bill
was issued, such consideration becomes receivable. He
observed that trade discount ... being received
or receivable. The State however, contends that it is the
originally invoiced price and not the discounted price
which would be receivable, whether
T.N.Generation & Distbn. Corpn Ltd. vs Ppn Power Gen.Co.Pvt.Ltd. on
said bills discounted through the defendant No.2
and received payment of the discounted value thereof from the defendant
No.2. The defendant ... exchange is US $67,6465.71 and
the amount received by the plaintiff upon discount is US $498816.84.
The defendant No.1 being the acceptor
Rule 6 of the
CENVAT Credit Rules, 2004 over the amount received on discounting of bills or
cheques.
According to the petitioner, the amount
