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2016 (3) TMI 65 - CESTAT NEW DELHITransfer of Un-utilised cenvat credit balance - amalgamation - cenvat account in relation to input/input service, which were utilised for payment of duty on goods manufactured/cleared on or after 12.05.2005 - Held that:- As find from the available records that the share holdings of M/s.Karamchand Appliances Pvt. Ltd. has been transferred to the appellant on 12.05.2005, but the Scheme of amalgamation was approved by the Hon’ble Delhi High Court vide their order dated 09.10.2006, giving effect to the amalgamation date as 01.06.2005. Since the Hon’ble High Court has specifically approved the “effective date” of transfer of ownership as 01.06.2005, the date when mere share holdings were transferred, should not be considered as the effective date for the purpose of transfer of cenvat credit. Since the effective date of the transfer is 01.06.2005, which has been specifically mentioned in the order dated 09.10.2006 of the Hon’ble Delhi High Court, there is no scope of transfer of any cenvat credit balance lying in the cenvat credit account of M/s. M/s. Karamchand Appliances Pvt. Ltd. to the appellant prior to such date. Non-availability of cenvat balance in the account prior to 01.06.2005 shows that the same might have been utilised by M/s. Karamchand Appliances Pvt. Ltd., for which the cenvat demand cannot be fastened against the appellant. - Decided in favour of assessee
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