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By Vijay Kumar

Income Tax

It is not permissible to convert assets to cash and thereafter impound the same – Supreme Court

Money, when paid into a bank, ceases altogether to be the money of the owner, it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. The money paid into the banker's, is money known by the customer to be placed there for the purpose of being under the control of the banker; It is then the banker's money; he is known to deal with it as his own; he makes what profit on it he can, which profit he retains to himself, paying back only the principal, according to the custom of bankers in some places, or the principal and a small rate of interest, according to the custom of bankers.

Customs

Import of Liquid bulk cargo - Since Board Circular 06/2006- Cus is not contradictory to the earlier Circular 96/2002- Cus , the same will hold good for past imports also : Tribunal

THE appellants have been importing Transfer Oil Base Stocks and paying duty on the quantity reflected in ship's ullage report which was at variance with the quantity mentioned in bill of lading. The assessments were initially made provisional and subsequently on finalization it came to notice that in respect of certain bill of entries the quantity imported as per the ship's ullage report was less than the bill of lading quantity and the total value at which the duty was paid was less than the invoice value. Accordingly, differential duty was demanded by the Commissioner.

Central Excise

SSI - exemption - Using a brand name not known in India - No bar - Installation charges not includible in Assessable Value : CESTAT

IGPL manufactures components required for assembling manual and automatic garage doors in collaboration with M/s. Gliderol International Private Ltd., ( GIPL ) Australia. Assessee is licensed for manufacture of manual and automatic doors using technology provided by GIPL . Assessee arranges for installing garage doors cleared at the buyer's premises. Assessee charges the buyers for installation of the garage doors.

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