Cow Sacrifice in Hinduism was the result of misinterpretation of the Vedic Texts by westerners.Not sure this misinterpretation was done willfully or not but has caused great damage to the community by entering into academic curriculum also.Pasu was translated as cow by westerners and same meaning was carried forward by others but Pasu has several other meanings.Other meanings of Pasu are Jeevan,Kundalini,jnanam,ajnanam,Meaning suitable to the context has to be taken.For eg Pasupathinathan is not a bulls owner but pathi of all Jeevas which is Lord Shiva.Tantra Text Rudra yamalam 26th Chapter Uttarakhandam has given the meaning of Pasu.
Here Pasu stands for the 2 egos.One which is endowed with punnyam and the other with apunyam.One which is formed out of ignorance thinking that one is a sinner and the other one being the arrogance in assuming that one is pious. Both this ignorance should be destroyed with the sword of knowledge.This has to be done by a Yogi or enlightened person.Here what is to be sacrificed is one's own ignorance and not innocent animals.The principle of Self which needs apt attention has been downgraded to killing of animals.This has led to the tarnishing of the principle of universality in Hinduism.
Concept taken from the speech of Jagadguru Swami Sathyananda Saraswathi Tiruvadikal. Listen to the concept in Swamiji's own words below.