CESTAT Sets aside Penalty imposed on IOCL, Excise duty Evasion cannot be Alleged against a PSU [Read Order]
The tribunal noted that being a Public Sector Undertaking wholly owned by the Government of India, they could not have evaded the duty and therefore a harsh penalty cannot be imposed.
According to a ruling by the Chandigarh Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Indian Oil Corporation Ltd. (IOCL) is a Public Sector Undertaking (PSU) and cannot be accused of having the purpose to evade paying taxes. Read More: MS Dhoni Back as Captain: Is He Still Leading Off the Field…
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