Transfer of CENVAT credit permitted when factory and input stocks move with ownership change, subject to accounting and officer approval. Transfer of CENVAT credit is allowed when a manufacturer's factory is shifted or transferred due to change of ownership, sale, merger, amalgamation, lease, or transfer to a joint venture with transfer of liabilities, provided the stock of inputs (including in-process) is transferred with the factory and inputs on which credit was availed are duly accounted for to the satisfaction of the tax authorities; the transfer must be effected within the prescribed period, which may be extended on sufficient cause and with recorded reasons by a higher tax authority within prescribed limits.