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TMI Blog2014 (10) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... AR), for the Respondent. ORDER BASF India Ltd. (BASFI) according to the appellant was an associated enterprise of the applicant. Along with other enterprises, BASFI also got amalgamated with the appellants as per the order of the Hon'ble High Court of Bombay dated 24-1-2011. This fact was intimated to the department in October, 2011. However on 4-2-2011 proceedings were initiated against the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and can be decided. Both sides agreed and accordingly the requirement of pre-deposit is waived and appeal is taken up for final decision. 3. The learned Counsel submitted that even though Commissioner allowed a proportionate credit, he did not specify how such credit should be allowed. The appellants have calculated the credit denied on the turnover basis. Further he submits that the merg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that where the entire assets are taken over by another company and transferred, the credit available in the books of account also get transferred. Therefore the entire exercise undertaken by the Revenue became infructuous because both the companies merged and by the time proceedings were initiated technically from the date of order of the High Court, the merger also has taken place and therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it. Since before passing the Order-in-Original the credit had already become part of the credit of appellant and the BASFI ceased to exist, in my opinion it would not fair and it would not be legal also to deny the credit taken by the appellants. In view of the above discussion, the impugned order is set aside and appeal is allowed with consequential relief if any to the appellant. (Order Pronoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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