1998 (2) TMI 302 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Madras ruled that Modvat credit can be transferred to a new company after a change in ownership. The Tribunal held that as long as the inputs and finished products remain the same before and after the change in ownership, Modvat credit can be availed. The Tribunal rejected the reference application questioning the legality of the transfer of Modvat credit.