9911796707
TMI Blog2000 (4) TMI 405X X X X Extracts X X X X X X X X Extracts X X X X ..... the credit was earned in their old name and since the respondents have changed the name and surrendered their Registration Certificate and obtained a new Central Excise Registration Certificate in their own name, they would not be entitled to utilise the Modvat credit earned by them under the name of M/s. Nicco Corporation Ltd. (Cable Division). The Commissioner (Appeals) while setting aside the Order of the Assistant Commissioner has observed as under :- 4.4. The point of dispute to be resolved now is whether there is any change in corporate status of the appellant company during the period of transition. In the eye of law a company is a juristic person being a right and duty bearing entity. In terms of Sec. 23(3) of the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... poses, and denial of Modvat credit by the Asstt. Collector is unjust and improper. 2. We have heard Shri J.M. Kenedy, learned J.D.R. for the Revenue who submits that the fact that the Registration Certificate was surrendered and a new Registration Certificate was taken, is indicative that previous company under the old name stopped existing. The company under the new name was required to follow all the Central Excise procedures, which have not been admittedly followed by them. As such, he submits that this fact itself should have been taken into consideration by the Commissioner (Appeals) and the Revenue s demand of the Modvat credit earned by the previous firm should have been confirmed by him. 3. Shri P.K. Dutta, learned Advocate app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see to utilise the already earned Modvat Credit. The decision of the Hon ble Allahabad High Court referred supra, is to the effect that if there is a change in the name of the company, but the ownership continues to be the same, it will not, ipso-facto, result in transfer of ownership unless there is a provision to the contrary. Change of name could not lead to an inference that a Unit manufacturing chemicals under the old name transferred the same to the company under the new name. The said decision has been confirmed by the Honourable Supreme Court. From the facts of the instant case, we note that it is only the change in the name with no change in the management of the company, which continues to remain the same. We also find that in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
