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TMI Blog2019 (9) TMI 1118X X X X Extracts X X X X X X X X Extracts X X X X ..... ikrishnan Senior Standing Counsel ORDER The petitioner is a Union affiliated to the National Confedration of Bank Employees (in short 'NCBE'), founded in 1949, and has been in existence, as on date, for nearly 70 years. 2. The Indian Overseas Bank (in short 'bank') had introduced a pension scheme under the Indian Overseas Bank Employees Pension Regulations, 1995 (in short 'p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gned 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 revision of wage negotiated and settled between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duction at lower rate. 197. (1) Subject to rules made under sub-section (2A), where in the case of any income of any person [or sum payable to any person], income-tax is required to be deducted at the time of credit or, as the case may be, at the time of payment at the rates in force under the provisions of sections 192, 193, [194,] 194A, [194C,] 194D, [194G] [, 194H], [194I], [194J] [194K], [19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 may be granted and providing for all other matters connected therewith. 7. In the light of the above statutory provision, it is appropriate that the petitioner make its plea for nil/lower deduction for consideration by the approp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the same and in cases where the deductions have been effected amounts equal to tax shall not be disbursed and shall be retained in the custody of the bank itself. In the light of the fact that the injunction has been in force since 2011, the same shall continue till the disposal of the representation to be filed by the petitioner or till the 15th of November, 2019 whichever is earlier. 9. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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