2004 (10) TMI 155

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..... ise Vadodara has confirmed duty demand of Rs. 3,75,95,902/- along with interest on the ground that the appellants were not entitled to credit of the above amount as they have not satisfied the conditions laid down in Rule 8(2) of Cenvat Credit Rules, after their amalgamation with Bharat Starch Industries Ltd. (manufacturer of Citric Acid) and English Indian Clay Ltd.; he has also imposed a penalty .....

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..... tal goods, on which credit has been availed of are duly accounted for the satisfaction of the Commissioner." A reading of the above rule shows that no prior permission from the competent authority is required before transfer of credit, which is the ground on which the show cause notice was issued, proposing denial of permission to transfer credit lying unutilized in the account of M/s. Bharat St .....

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..... s to be admissible when the same specified goods are manufactured out of the same inputs in spite of change of management of the company and the declaration filed pre-merger is adequate for Modvat purposes even after merger. The underlying principle laid down in this decision is applicable even in the context of Cenvat Credit Rules. We note that there is no further dispute regarding availability o .....

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