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Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
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<h1>Appeal allowed by CESTAT Chennai, penalty set aside for obtaining tax arrears settlement certificate.</h1> The Appellate Tribunal CESTAT, Chennai allowed the appeal, setting aside the penalty imposed on the appellants, as they obtained a certificate for full ... Dispute Resolution Scheme, 2008 - certificate for full and final settlement - immunity from penalty - Section 96(2) of the Finance Act, 2008 - penalty under the Finance Act, 1994Dispute Resolution Scheme, 2008 - certificate for full and final settlement - immunity from penalty - penalty under the Finance Act, 1994 - Effect of a certificate issued under Section 96(2) of the Finance Act, 2008 in respect of the Dispute Resolution Scheme, 2008 on penalty proceedings under the Finance Act, 1994. - HELD THAT: - The Tribunal recorded that the assessees had obtained a certificate dated 31-10-2008 under Section 96(2) of the Finance Act, 2008 pursuant to the Dispute Resolution Scheme, 2008, which provided for full and final settlement of the tax arrears and expressly granted immunity from institution of any proceedings for imposition of penalty under the Finance Act, 1994 in respect of the matters covered by the declaration. In view of that settlement and the immunity conferred by the certificate, the Tribunal found that the penalty imposed on the appellants could not be sustained.Penalty set aside and the appeal allowed.Final Conclusion: The Tribunal allowed the appeal and set aside the penalty on the basis of a certificate under Section 96(2) of the Finance Act, 2008 issued under the Dispute Resolution Scheme, 2008 which conferred immunity from penalty proceedings under the Finance Act, 1994 for the matters covered. 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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