Trade Discount - Law Dictionary Search Results
Home Dictionary Name: trade discountTrade discount/year ending discount
Trade discount/year ending discount, a prompt payment discount is a 'trade discount' given to the dealers by the company but the 'year ending discount' is not a trade discount, Asst. Collector of Central Excise v. Madras Rubber Factory Ltd., (1986) Supp SCC 751: (1987) 1 SCR 846....
Trade discount
Trade discount, a 'trade discount' is a deduction from the catalogue price of goods allowed by wholesalers to retailers engaged in the trade, Dy. C.S.T. (Law), Board of Revenue (Taxes) v. Advani Coorlikon (P) Ltd., AIR 1980 SC 609 (610): (1980) 1 SCC 360: (1980) 1 SCR 931. [Central Sales Tax Act, 1956, s. 2(h)]Trade discount, is a percentage deduction from the regular list or catalogue price or goods, A.K. Roy v. Voltas Limited, 1973 SCC Tax 261...
Cash discount
Cash discount, cash discount cannot be confused with trade discount. The two concepts are wholly distinct and separate. Cash discount is allowed when the purchaser makes payment promptly or within the period of credit allowed. It is a discount granted in consideration of expeditious payment, Dy. C.S.T. (Law) Board of Revenue v. Advani Coorlikon (P.) Ltd., (1980) 1 SCC 360: AIR 1980 SC 609 (610): (1980) 1 SCR 931. [Central Sales Tax Act (74 of 1956), s. 2h...
Wholesale cash price
Wholesale cash price, there can be no doubt that the 'wholesale cash price' has to be ascertained only on the basis of transactions at arms length. If there is a special or favoured buyer to whom a special low price is charged because of extra-commercial considerations, e.g. because he is relative of the manufacturer, the price charged for those sales would not be the 'wholesale cash price' for levying excise under s. 4(a) of the Act, A.K. Roy v. Voltas Limited, AIR 1973 SC 225 (228): (1973) 3 SCC 503: (1973) 2 SCR 1089. [Central Excise and Sales Act, 1944, s. 4(a)]Where a manufacturer sells the goods manufactured by him in wholesale to a wholesale dealer at arms length and in the usual course of business, the wholesale cash price charged by him to the wholesale dealer less trade discount would represent the value of the goods for the purpose of assessment of excise. That would be the wholesale cash price for which the goods are sold at the factory-gate within the meaning of s. 4(a), A...
Sale price
Sale price, 'Sale Price' means the amount payable to a dealer as consideration for the sale of any goods, less any sum allowed as cash discount according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods at the time of or before the delivery thereof other than the cost of freight or delivery of the cost of installation in case where such cost is separately charged and the expression 'purchase price' shall be construed accordingly, Shree Gopal Industries Ltd. v. State of Rajasthan, AIR 1971 SC 2054: (1971) 2 SCC 532.(ii) Under s. 4 of the Madhya Pradesh General Sales Tax Act, 1958 the liability to pay tax is that of the dealer. The purchaser has no liability to pay tax. There is no provision in the Act from which it can be gathered that the Act imposes any liability on the purchaser to pay the tax imposed on the dealer. If the dealer passes on his tax burden to his purchasers he can only do it by au...
Weights and measures
Weights and measures, instruments for reducing the quantity and price of merchandise to a certainty, that there may be the less room for deceit and imposition. See AVOIRDUPOIS; TROY WEIGHT; and METRIC SYSTEM.The adjustment of weights and measures is a prerogative of the Crown, and has from an early date been regulated by statute-the Weights and Measures Act, 1878. The 25th and 26th sections enact that:25. Use or Possession for Use.-Every person who uses or has in his possession for use for trade any weight, measure, scale, balance, steelyard, or weighing machine which is false or unjust, shall be liable to a fine not exceeding 5l., or in the case of a second offence 20l. [as amended by the W. and M. Act, 1889], and any contract, bargain, sale, or dealing made by the same shall be void, and the weight, measure, scale, balance, or steelyard shall be liable to be forfeited.26. Fraud in Use.-Where any fraud is wilfully committed in the using of any weight, measure, scale, balance, steelyar...
ex-rights
ex-rights : without rights NOTE: The purchaser of stock traded ex-rights does not acquire the right to purchase new securities at a discount prior to their public issuance because such right was retained by the seller. ...
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