Assessing Officer is erred in not
considering the incentives and discount received by the assessee
from the suppliers pertains to purchase made for earlier years ... construction expenses. The learned DR further
submitted that, incentives and discount received from suppliers
on raw material or purchases cannot forms part of sale turnover
furnished confirmations in respect of discount paid in 41 cases
involving discount amount of Rs. 32,070/-as against discount
debited ... allowed the discount by
analyzing the general Modus Operandi of granting discounts and
necessity of discounts in a business, we are not convinced with
been treated as income of the assessee.
The assessee has also received discounts from the
27
ITA.Nos.291 & 292/Hyd./2023
manufacturers ... APBCL states that it has not
carried wholesale liquor business, cash discounts
received from IMFL suppliers for early clearance of dues
amounting
been treated as income of the assessee.
The assessee has also received discounts from the
27
ITA.Nos.291 & 292/Hyd./2023
manufacturers ... APBCL states that it has not
carried wholesale liquor business, cash discounts
received from IMFL suppliers for early clearance of dues
amounting
future interest receivables. Thus, out of the interest receivables of
Rs.2,96,16,526/- as future interest, assessee discounted the same for an
amount ... discounting system, a person who
discounts the bill takes the interest amount upfront when he discounts
the bill by way of 'front end discount
future interest receivables.
Thus, out of the interest receivables of Rs.2,96,16,526/- as
future interest, assessee discounted the same for an amount ... discounting
system, a person who discounts the bill takes the interest
amount upfront when he discounts the bill by way of 'front end
discount
future interest receivables. Thus, out of the interest receivables of
Rs.2,96,16,526/- as future interest, assessee discounted the same for
an amount ... discounting system, a person who
discounts the bill takes the interest amount upfront when he discounts
the bill by way of 'front end discount
Interest on Deposit Rs. 1,07,266
Rs. 61,200
Discount received Rs. 38,960
Foreign exchange fluctuation Rs. 2,77,233
S.Tax refund ... assessee and against the revenue.
3. Asst. Year: 1994-95
Discount received Rs38,960
Foreign exchange fluctuation 2,77,233
Salestax refund
Drill Rock Engg. Co. (P.) Ltd. vs Income-Tax Officer on 29 April, 1988
Equivalent
vehicles 8,142,645 -
-Other income 392,350 51,464
-Discount received 491,088 -
7.2 In view of the above, in our considered opinion,
some
