received
any discount) works out to be 24-29%[ Rs.22829750/- divided by
93995497/-x 100]. Whereas the average discount received on net
purchases ... Total purchases(Net of discount)made by the assessee.
Rs,7,11,65,750/-
Purchases on which no discount was received
correct one coming to Rs. 2,99,153/-. The assessee received
discounts from its suppliers on purchases of raw materials and
consumables. The Assessing Officer ... appellant
submitted before me that the Other Income consists of Discount
received of Rs. 2,99,153/- and Exchange Rate Difference
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
Liability for Non-filing of E1 Forms within the period; (v) Discount Received; (vi) Cross verification of Buyer & Seller Annexure; (vii) Purchase effected from ... stands quashed. This leaves us with the other four issues viz., Discount Received, Cross verification of Buyer and Seller Annexure, Purchase effected From Registration cancelled
stating that there cannot be levy of tax on the discounts received from the supplier. However, the respondent, without considering the Circular, had proceeded ... levy tax on the discounts received by the petitioner from its supplier. Further, the learned counsel submitted that the Division Bench of this Court
basis of gross discount received by the assessee as compared to gross
purchases made by the assessee should have been applied and the
application ... assessee. Rs.3,24,13,274/-
Purchases on which no discount was received Rs.5002821/-
(15.43%)
Purchases on which assessee got discount
assessee to earn rebate and
discount. The assessee submitted before ld.
CIT(Appeals) that rebate and discount received by the
assessee was of material purchased ... assessee to earn
rebate and discount. The assessee submitted
bef ore ld. CIT(Appeals) that rebate and discount
received by the assessee was on material
account of
non-accounting of discount receivable from Indian Oil Corporation (IOC).
On the aforesaid addition made on account of discount receivable, AO vide
order ... knowledge of Assessing Officer. There
was no malafide in not showing discount receivables from IOC in the year
under consideration & that too because
such receipt was
as follows -
Particulars Amount (Rs.)
1) Discount received 1,24,330/-
2) Street Removal Charges 7,93,447/-
3) Sale of Sample ... record.
The details of Rs.46,26,553/- are as below:-
A. Discount out of Rs.2,76,732/-
packing material
B. Machinery break
debiting
Suppliers account with Rs.10,000/- and crediting "Discount received
Account" with the same amount.
(b) A person makes an advance payment ... necessity to pass a journal entry to account for discount amount
of Rs.15,000/- received by the assessee.
The expenditure relating to depreciation
