Appellate Tribunal rules against Education Cess credit, annuls penalty under Section 76

The Appellate Tribunal CESTAT, New Delhi, ruled that the appellant is not entitled to credit for Education Cess and annulled the penalty under Section 76 of the Finance Act, 1994, considering the welfare aspect of the law. The appeal was partly allowed, and the stay application was disposed of.

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The Appellate Tribunal CESTAT, New Delhi, in the case of 2012 (9) TMI 488, ruled that the appellant is not entitled to credit for Education Cess of Rs. 11,239 as it is meant for the welfare of the state. The penalty under Section 76 of the Finance Act, 1994, was annulled in consideration of the welfare aspect of the law. The appeal was partly allowed, and the stay application was disposed of.

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