Money credit transfer prohibited on ownership change; new owner must file fresh declaration to claim credit on stock. Transfer of Money Credit on change of factory ownership or amalgamation is not allowed. A new owner must satisfy the declaration requirement to participate in the Money Credit scheme; credit is available only for inputs used in manufacture after filing the declaration. The new owner may claim credit on inputs in stock after fulfilling declaration conditions, but any excess utilised credit recorded by the prior manufacturer is not transferable or available to the new owner.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Money credit transfer prohibited on ownership change; new owner must file fresh declaration to claim credit on stock.
Transfer of Money Credit on change of factory ownership or amalgamation is not allowed. A new owner must satisfy the declaration requirement to participate in the Money Credit scheme; credit is available only for inputs used in manufacture after filing the declaration. The new owner may claim credit on inputs in stock after fulfilling declaration conditions, but any excess utilised credit recorded by the prior manufacturer is not transferable or available to the new owner.
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