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2014 (11) TMI 29 - AT - Central ExciseTransfer of CENVAT Credit - change in ownership - No transferring of the inputs and capital goods to the appellant - Rule 10 of CENVAT Credit Rules, 2004 - Held that:- It can be seen from the reproduced sale certificate issued by M/s Arcil (Assets Reconstruction company which is formed under the provisions of RBI Act), it transpires that the entire property of M/s Santogen Spinning Mills was handed over to the appellant with all the encumbrances and liabilities which are known and unknown. It would be correct to record that the appellant herein had procured the assets and liabilities from M/s ARCIL, which would include the credit balance lying in books of account of M/s Santogen Spinning Mills. In our considered view, having accepted the entire assets and liabilities together, the appellant cannot be denied the CENVAT Credit which is lying in balance as unutilized credit in the books of account of M/s Santogen Spinning Mills. Tribunal had clearly recorded that the assessee, even after surrender of registration certificate, chose to retain Central Excise record which made it clear that they wanted to make a debit entry even after surrender of licence. In the case in hand, it is on record that the Central Excise registration certificate issued to M/s Santogen Spinning Mills was surrendered after granting of Central Excise registration to the appellant herein. impugned order is incorrect, unsustainable and liable to be set aside. - credit allowed - Decided in favour of Assessee.
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