2005 (1) TMI 474

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.... Shri A. Jayachandran, JDR, for the Respondent. [Order per : P.G. Chacko, Member (J) (Oral)]. -  M/s. PLR Industries Ltd. were engaged in the manufacture of excisable goods and were availing of the benefit of Modvat Credit on capital goods and inputs. All their assets and liabilities were taken over by M/s. PLR Textiles Ltd., under the High Court's amalgamation order dated 29-4-1998 wi....

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.... the name of PLR Textiles Ltd and the right to avail Modvat Credit was part of the assets transferred to the latter under the High Court's amalgamation order. The Consultant further argues that non-obtaining of prior permission of the Assistant Commissioner in terms of Rule 57F(20) and 57S(5) is, at best, a minor procedural lapse and the same cannot be cited by the Revenue to defeat the appellants....

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....the non-fulfilment of the requirements of the above rules is a condonable lapse. There is no dispute of the fact that the appellants were eligible to apply for the Assistant Commissioner's permission under the rules and that if such application has been made on the strength of the High Court's amalgamation order, the transfer of the credits in question would have been allowed under the said Rules.....