TaxTMI 
TaxTMI 
2024 (11) TMI 29
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....s or Lakshmi Vilas Bank, South Indian Bank, Catholic Syrian Bank, Federal Bank, Federal Bank Executive Forum, Federal Bank Employees Union and All India Punjab National Bank. 2.In all the writ petitions, barring W.P.No.8564 of 2011, the prayer is either for Declaration or for Certiorarified mandamus as the petitioners are aggrieved by the deduction of tax from out of the salary arrears which is appropriated for transfer to pension corpus set up in terms of appropriate pension regulations. In W.P.No.8564 of 2011 the prayer is for a Declaration that the Explanation to Section 17 (2) (ii)(c) of the Income Tax Act 1961 and para 2 of Circular bearing Ref.FD/HOAT/CIR dated 02.03.2011 read with Circular bearing reference FD/01/2010 dated 06.01.....
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....ing a second option of pension for those employees who had not opted for the pension scheme at the original/first instance. The second option was subject to the Union members contributing towards meeting the shortfall/deficit in the corpus for the first pension fund computed and determined through actuarial variation at a sum of Rs. 6000 crores. 3. Pursuant thereto, an agreement was signed between the IBA and UFBU on 27.11.2009 and a second option was provided for those bank employees who had not opted for pension in 1995. This required a contribution from the employees out of their salary arrears amounting, in toto, to a sum of Rs. 1800 crores out of the aforesaid Rs. 6000 crores of shortfall. The arrears had been computed post a ....
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....e case may be, the Assessing Officer shall, on an application made by the assessee in this behalf, give to him such certificate as may be appropriate. (2) Where any such certificate is given, the person responsible for paying the income shall, until such certificate is cancelled by the Assessing Officer, deduct income-tax at the rates specified in such certificate or deduct no tax, as the case may be. (2A) The Board may, having regard to the convenience of assessee and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (1) and the conditions subject to which such certificate....
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....rms. No costs. 4.Mr.Bhagavath Krishnan appears for the petitioners and Mr.S.Rajasekar for the Union of India, the Central Board of Direct Taxes and the Chief Commissioner of Income Tax, arrayed as R1 to R3 in all the writ petitions. The banks have also been arrayed as respondents in all writ petitions, but there is no representation on their behalf. 5.There is no dispute on the position that the issue raised in these writ petitions is identical to the one considered in W.P.No.8101 of 2011 by order dated 06.09.2019 and hence the contents of that order may be read as part and parcel of the present order as well. The liberty granted at paragraph 7 as in that matter is extended to the present petitioners herein as well. Learned counsel fo....