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2015 (12) TMI 1304 - AT - Central ExciseTransfer of cenvat credit lying unutilized in the accounts of M/s. SPL Polymers Ltd amalgamated with the respondents M/s. Supreme Petrochem, Ltd. - Imposition of interest and penalty - Held that:- It is not the case of transfer of capital goods and inputs from one company to another. But, it is an amalgamation of M/s. SPL Polymers Ltd. with M/s. Supreme Petrochem Ltd., which have become one entity on amalgamation. The new entity is entitled to Cenvat credit which was lying unutilized in the accounts of the amalgamating company ie., SPL Polymers Limited. - The ratio of the above order squarely applies to the present case and in the present case there is no involvement of any transfer. Further, the Hon’ble High Court of Madras in the case of CCE, Pondicherry Vs. Cestat (2008 (7) TMI 383 - MADRAS HIGH COURT ) has upheld this Tribunal’s order and rejected the Revenue’s appeal. - appellants are eligible for Cenvat credit. I do not find any infirmity in the impugned order. - Decided against Revenue.
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