Appeal allowed by CESTAT Chennai, penalty set aside for obtaining tax arrears settlement certificate.

The Appellate Tribunal CESTAT, Chennai allowed the appeal, setting aside the penalty imposed on the appellants, as they obtained a certificate for full and final settlement of tax arrears under Section 96(2) of the Finance Act, 2008, which granted immunity from penalty proceedings under the Finance Act, 1994.

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The Appellate Tribunal CESTAT, Chennai allowed the appeal as the assessees obtained a certificate for full and final settlement of tax arrears under Section 96(2) of the Finance Act, 2008, granting immunity from penalty proceedings under the Finance Act, 1994. Penalty imposed on the appellants was set aside.

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