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TMI Blog2014 (7) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner (Appeals) allowed the transfer of Rs. 40,14,221/- of CENVAT credit lying in balance on account of dissolution of parent firm and taken over by the respondent. 2. Brief facts of the case are that one M/s Menezes Pharmaceuticals was a partnership firm. The partnership stood dissolved by a Deed dated 10.02.2000. The assets and the liabilities of the said firm were taken over by the respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard learned A.R. and perused the records. 4. The contention of the learned A.R. is that on the date of transfer as there is no stock of material/packing material was available therefore credit cannot be transferred and the credit was available in the books of account on account of under-valuation of the goods cleared by the dissolved firm. Therefore, the said credit cannot be transferred. 4. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no doubt that this credit is available in the books of dissolved firm and no provisions of Acts/Rules has been produced by the learned A.R., if any credit available in the statutory records on account of settlement of the issue of under-valuation the credit is not transferable. In these circumstances, the contention of the learned A.R. is not tenable. Hence the appeal filed by the Revenue de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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