https://www.taxtmi.com/caselaws?id=117089 Unutilised Modvat credit may be transferred on takeover where the factory continues the same manufacturing operations, inputs and finished products, because eligibility already attached to the factory is not lost merely due to a change in management. A timely request for transfer, if left unanswered by the department for an unreasonably long period, may be treated as substantially compliant with the prior-permission requirement and deemed allowed. On that basis, the transfer of credit was upheld and the related demand and penalty could not be sustained. en-us Thu, 01 Sep 2005 00:00:00 +0530 Wed, 20 Jun 2012 12:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117089 Unutilised Modvat credit may be transferred on takeover where the factory continues the same manufacturing operations, inputs and finished products, because eligibility already attached to the factory is not lost merely due to a change in management. A timely request for transfer, if left unanswered by the department for an unreasonably long period, may be treated as substantially compliant with the prior-permission requirement and deemed allowed. On that basis, the transfer of credit was upheld and the related demand and penalty could not be sustained. Case-Laws Central Excise Thu, 01 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117089