TMI Blog2016 (3) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... e” 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g un-utilised in its 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. Utilisation of cenvat credit was objected to by the Department, on the ground that such credit was required to be transferred to the appellant and thereafter to be utilised only after being allowed by the concerned Central Excise Officer in terms of sub-rule (3) of Rule 10 of the Cenvat Credit Rules, 2004. The show cause proceedings initiated by the Department culminated in the adjudication order dated 30.08.2011, wherein cenvat credit of ₹ 31,12,929/- was disallowed and equal amount of penalty was imposed on the appellant under Rule 15 of the cenvat credit Rules, 2004 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TC Hotels Ltd. reported in 2012 (27) STR 145 (Tri.Delhi). The ld. Advocate further submitted that Rule 10 of Cenvat Credit Rules no where specifies that prior permission is required from the statutory authorities for transferring the cenvat credit as a result of merger/amalgamation. 5. On the other hand Shri G.R. Singh, ld. D.R. appearing for the respondent reiterated the findings recorded in the impugned order. 6. I have heard both sides and perused the records. 7. I 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 ef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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