Transfer of Cenvat credit permitted where factory or business and liabilities are transferred, subject to accounting verification.

Rule 10 permits transfer of unutilized CENVAT credit when a manufacturer or service provider shifts premises or transfers the factory/business by change of ownership, sale, merger, amalgamation, lease or transfer to a joint venture, with specific liability-transfer provisions where applicable. Transfer is allowed only if stock of inputs or capital goods on which credit was availed are transferred along with the factory/business and are duly accounted for to the satisfaction of the Deputy or Assistant Commissioner of Central Excise; prior permission is not expressly required.

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