TMI Blog2014 (7) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - Hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. 2. Brief facts of the case are that one M/s Menezes Pharmaceuticals was a partnership firm. The partnership stood dissolved by a Deed dated 10.02.2000. The assets and the liabilities of the said firm were taken over by the respondent Company. There was a balance of CENVAT credit of ₹ 40,14,221/- in the RG23A Part II accounts of dissolved firm which has been taken over by the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erial was available therefore credit cannot be transferred and the credit was available in the books of account on account of under-valuation of the goods cleared by the dissolved firm. Therefore, the said credit cannot be transferred. 4. The first issue is to be decided that as per Rule 57F (21) of the Central Excise Act, 1944 whether the respondents are entitled to transfer of stock of credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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