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2014 (7) TMI 192 - AT - Central ExciseDenialof CENVAT Credit - Transfer of stock credit - As per Rule 57F (21) of the Central Excise Act, 1944 whether the respondents are entitled to transfer of stock of credit of the dissolved firm taken over by the respondent together with its assets and the liabilities of old firm - Held that:- stock of credit can be transferred - Commissioner (Appeals) has rightly allowed the transfer of CENVAT credit to the respondent - Following decision of Aar Aay Products [2002 (7) TMI 204 - CEGAT, NEW DELHI] and Dr. Reddy's Laboratories Ltd. [2005 (3) TMI 327 - CESTAT, CHENNAI]. - Decided against the revenue. Transfer of credit attributable to the issue of settlement of issue of under-valuation - Held that:- Credit cannot be transferred but there is no doubt that this credit is available in the books of dissolved firm and no provisions of Acts/Rules has been produced by the learned A.R., showing that if any credit available in the statutory records on account of settlement of the issue of under-valuation the credit is not transferable - Decided against Revenue.
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