https://www.taxtmi.com/caselaws?id=122046 Unutilised Modvat/Cenvat credit could not be refused merely because no physical stock of inputs was available for transfer. Under the governing credit-transfer scheme, the relevant inquiry was whether any inputs remained in stock and, if not, whether the capital goods on which credit had been taken were properly accounted for to the Commissioner's satisfaction. A cryptic refusal without hearing the assessee or passing a speaking order was inadequate. Where stock was nil, the transfer entry could reflect nil stock and the unutilised credit could still be transferred, subject to proper verification and recorded findings. en-us Wed, 28 Jun 2006 00:00:00 +0530 Thu, 22 Feb 2024 13:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122046 Unutilised Modvat/Cenvat credit could not be refused merely because no physical stock of inputs was available for transfer. Under the governing credit-transfer scheme, the relevant inquiry was whether any inputs remained in stock and, if not, whether the capital goods on which credit had been taken were properly accounted for to the Commissioner's satisfaction. A cryptic refusal without hearing the assessee or passing a speaking order was inadequate. Where stock was nil, the transfer entry could reflect nil stock and the unutilised credit could still be transferred, subject to proper verification and recorded findings. Case-Laws Central Excise Wed, 28 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122046