CESTAT overturns penalty under Finance Act, 1994 citing excise tax credit

The Appellate Tribunal CESTAT, CHENNAI overturned a penalty imposed under Section 78 of the Finance Act, 1994, stating that the assessees could not be penalized for suppression due to excise being revenue neutral with full tax credit available. The penalty was set aside, allowing the appeal.

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The Appellate Tribunal CESTAT, CHENNAI overturned a penalty imposed under Section 78 of the Finance Act, 1994, stating that since the excise is revenue neutral with full tax credit available, the assessees could not be penalized for suppression. The decision was based on a previous Tribunal order and the penalty was set aside, allowing the appeal.

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