CESTAT Sets aside Penalty imposed on IOCL, Excise duty Evasion cannot be Alleged against a PSU

CESTAT (Customs, Excise, and Service Tax Appellate Tribunal) set aside a penalty imposed on Indian Oil Corporation (IOCL) for alleged excise duty evasion, stating that such allegations are generally not made against a Public Sector Undertaking (PSU). The tribunal's reasoning suggests a different standard or approach when dealing with alleged duty evasions by government-owned entities, possibly considering their role and accountability differently from private entities.