Supreme Court of India
M/s. Southern Motors v. State of Karnataka and Others
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the considered opinion that the requirement ofreference of the discount in the tax invoice or bill of sale to qualify it for deduction has to be construed in relation to the transaction resulting in the final sale/purchase price and not limited to the original sale sans the trade discount.
Judgment, page 32
From the headnote
Karnataka Value Added Tax Act, 2003: s.2(34) - Post sale discoums - Determination of taxable turnover - Issue of credit notes to the customers granting discounts - Assessee retaining only the net amount that is, the amount shown in the invoice less the sum of discount disclosed in credit note - Claim for deduction towards discount accorded by credit notes from the total turnover to quantify the taxable turnover - Held: plain reading of s.3(2){c) reveal that all amounts allowed as discount qualify for deduction from the total turnover to ascertain the taxable turnover - trade discount
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