ITO Vs. REGISTRAR PUNJABI UNIVERSITY
INCOME TAX APPELLATE TRIBUNAL
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M.A. Bakshi, V.P. -
(1.) WE find it convenient to dispose of this bunch of 6 appeals of the revenue for assessment years 2001-02 to 2005-06, by this consolidated order. Parties have been heard and record perused.
(2.) The common issue involved in these appeals is as to whether the assessee was required to deduct tax in respect of the interest credited to the Employees' provident fund (PF) even after their retirement.
The learned Commissioner (Appeals) has held that in the case of the assessee the provisions of General Provident Fund (GPF), 1925 and not recognized PF apply. The Commissioner (Appeals) has accordingly held that Section 10(11) of the Income Tax Act, 1961 is applicable in respect of all the withdrawals from GPF irrespective of the fact whether the employee continues in service or has retired from it. It has accordingly been held that the assessee was not required to deduct tax from the interest credited/paid to the employees after their retirement who had exercised the option of continuing the deposit in the fund after their retirement upto maximum period of 5 years.
(3.) THE learned Departmental Representative contended before us that the assessee is not covered under the GPF Act of 1925 and, therefore, the decision of the Commissioner (Appeals) is not in order.;
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