https://www.taxtmi.com/forum/issue?id=1903 Purchasers of assets acquired under SARFAESI assert they are not successors to the prior owner's business and therefore should not be liable for reversal of Cenvat/Modvat credit or central excise dues; Section 11 of the Central Excise Act, 1944 operates as a recovery provision applicable where succession of business is found and should not be used simply to deny entitlement to credit. SARFAESI's non judicial asset transfer powers have led authorities to seek recovery from auction purchasers by treating such acquisitions as succession, raising the legal question whether the sale was of assets only or of an ongoing business. en-us Thu, 29 Apr 2010 12:18:38 +0530 Thu, 23 Jan 2025 15:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1903 Purchasers of assets acquired under SARFAESI assert they are not successors to the prior owner's business and therefore should not be liable for reversal of Cenvat/Modvat credit or central excise dues; Section 11 of the Central Excise Act, 1944 operates as a recovery provision applicable where succession of business is found and should not be used simply to deny entitlement to credit. SARFAESI's non judicial asset transfer powers have led authorities to seek recovery from auction purchasers by treating such acquisitions as succession, raising the legal question whether the sale was of assets only or of an ongoing business. Discussion-Forum Central Excise Thu, 29 Apr 2010 12:18:38 +0530 https://www.taxtmi.com/forum/issue?id=1903