Cellino was in front of the court over allegations he avoided paying VAT on an imported Range Rover.
His case was heard by a Cagliari court and he was acquitted of customs violations, as the amount involved ended up below the punishment for a criminal complaint.
Nevertheless, Cellino has still been sentenced to pay a fine of €40,000 over the incident with €10,317 missed in VAT and a further €4,689 in import duty.
The controversial owner has been dogged by off the pitch issues since he completed his takeover of the Whites last year.
He recently had to serve a ban from running the club, imposed after he failed the Football League's owners' and directors' test.
Cellino has been building up Leeds' off the pitch structures after his suspension left the Whites without key personnel.
Adam Pearson has been appointed as the club's executive director, while a head of recruitment, Martyn Glover, has also been put in place.