2014 (12) TMI 584

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..... les, 2004. In the absence of any specific prohibition denying the transfer of credit, the appellants are rightly entitled to transfer of the same. The decision of the Hon'ble Bombay High Court in the case of Sandoz Pvt. Ltd. [2013 (10) TMI 145 - BOMBAY HIGH COURT], and of the Tribunal decision in the case of Watson Pharma Pvt. Ltd. (2014 (11) TMI 71 - CESTAT MUMBAI) confirm the above view. Accordi .....

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..... credit when the appellant, M/s. Matrix Laboratories Ltd., converted their DTA unit into 100% EOU. He has also confirmed interest on the aforesaid amount of credit wrongly taken. Apart from demand of duty, a penalty of ₹ 5.00 lakhs has also been imposed. Aggrieved of the same, the appellant is before us. 3. The learned Counsel for the appellant submits that the issue is no longer res int .....

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..... redit available in the books of accounts on the date of conversion of a unit in DTA into 100% EOU under Rule 10 of the Cenvat Credit Rules, 2004. In the absence of any specific prohibition denying the transfer of credit, the appellants are rightly entitled to transfer of the same. The decision of the Hon'ble Bombay High Court in the case of Sandoz Pvt. Ltd., and of the Tribunal decision in the .....

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