9911796707
TMI Blog2014 (4) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... The said Rule, nowhere stipulates that the credit that can be transferred should be attributable to the inputs or capital goods that are transferred. Even if excess credit is available in the books or accounts, the same can be transferred. Therefore, there is no bar imposed under sub-rule (3) of Rule 10 of CCR, 2004 in transferring excess credit available in the books of accounts which is more than those attributable to the inputs and capital goods lying in stock - appellant has made out a strong case for grant of stay - Following decision of Ispat Industries Ltd. [2013 (7) TMI 308 - CESTAT MUMBAI] and CCE, Pondicherry [2008 (7) TMI 116 - HIGH COURT MADRAS]- Stay granted. - Appeal No.E/89463/13 - Stay Order No. S/78/2014-WZB/C-II(EB) - Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tly transferred when they surrendered the Central Excise licence at Silvassa and taken credit at Kolhapur. The department has alleged that under Rule 10 (3) of the CCR, 2004, the appellant can take credit only if the inputs and capital goods are also transferred when the factory is transferred from one place to another and inasmuch as in the present case at the time of transfer of Rs.1.88 crore there were no inputs/capital goods available, the transfer the credit under Section 10 (3) is not correct in law. The learned Counsel further submits that Rule 10 (3) of the CCR, 2004 envisages transfer of stock of inputs in stock or in process or the capital goods when a factory is transferred from one site to another; it may some times be possible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the books of accounts can be transferred. Sub-rule (3) further stipulates that, if any inputs and capital goods are lying, then they should also be transferred to the new site. The said Rule, nowhere stipulates that the credit that can be transferred should be attributable to the inputs or capital goods that are transferred. Even if excess credit is available in the books or accounts, the same can be transferred. Therefore, there is no bar imposed under sub-rule (3) of Rule 10 of CCR, 2004 in transferring excess credit available in the books of accounts which is more than those attributable to the inputs and capital goods lying in stock. This position of law is settled by the decision in the Ispat Industries Ltd. case and the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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