TaxTMI 
TaxTMI 
2023 (3) TMI 495
X X X X Extracts X X X X
X X X X Extracts X X X X
....ellant Mr. S. Balakumar, Assistant Commissioner - For the Respondent ORDER The appellants were engaged in the manufacture of textile machinery and its parts. They decided to transfer the ownership of their unit to M/s.GKD ITR, Tooling Central Unit-II. Consequent to their transfer of ownership, the appellant applied for permission to transfer the entire unutilised cenvat credit to the newly tran....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t venture with the specific provision for transfer of liabilities of such factory, then, the manufacturer shall be allowed to transfer the CENVAT credit lying unutilized in his accounts to such transferred, sold, merged, leased or amalgamated factory. (2) If a provider of output service shifts or transfers his business on account of change in ownership or on account of sale, merger, amalgamation....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s submitted by the Ld. Counsel that appellant had transferred all the raw materials, components, capital goods to the lessee unit. They had also entered into an agreement for such transfer by way of lease. By way of the lease agreement, lessee unit intended to undertake the manufacture of the goods produced using the machinery. The department has merely denied to transfer the cenvat credit lying i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hether the rejection of the request to transfer the cenvat credit balance to the lessee unit is legal and proper. The provision under Rule 10 has already been noticed above. The Department has referred to the agreement between the parties to deny the permission to transfer the cenvat credit, with the reason that there is no express stipulation for transfer of all liabilities of the appellant-compa....