GCDA EMPLOYEES PENSION FUND TRUST GREATER COCHIN DEVELOPMENT AUTHORITY Vs. COMMISSIONER OF INCOME TAX-I

JUDGEMENT

(1.) This review petition is one filed by the GCDA Employees' Pension Fund Trust (for brevity, 'the assessee trust'), under Order XLVII of Rule 1 of the Code of Civil Procedure, 1908, seeking review of the judgment of this Court dated 08.10.2014 in ITA No.131 of 2014.

(2.) Heard the learned Senior counsel for the petitioner and also the learned Standing Counsel for Income Tax Department, representing the respondent-Commissioner of Income Tax-I, Kochi.

(3.) The assessee trust was formed by the Greater Cochin Development Authority (for brevity, 'the GCDA'), which is an authority constituted under the provisions of the Madras Town Planning Act, 1920 and the Travancore Town Planning Act, 1108, vide G.O.(Ms.)No.19/76/LA & SWD dated 23.01.1976. The GCDA obtained registration under Section 12AA of the Income Tax Act, 1961. By Annexure E Government order, i.e., G.O. (Ms.)No.201/94/ LAD dated 31.08.1994, the State Government extended pension scheme to the employees of the GCDA, with effect from 01.01.1994, subject to the condition that no expenditure from the Consolidated Fund of the State will be incurred on this issue. Accordingly, Part III of the Kerala Service Rules are made applicable to GCDA employees, with effect from 01.01.1994. The assessee trust was formed by the GCDA, vide Annexure A registered trust deed dated 09.02.2006, to establish a separate fund in order to operate as a recognised Provident Fund for the benefit of the managerial, supervisory and other staff of the GCDA. The words 'Provident Fund' appearing in Annexure A trust deed was substituted by the words 'Pension Fund', vide Annexure B rectification deed dated 30.01.2008.